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Retail sales slowed in March, but spending was still higher than the same time last year, according to the National Retail Federation (NRF).
Overall retail sales dipped slightly in February, but core spending rose, the National Retail Federation said today.
Retail sales during 2022’s November-December holiday season grew 5.3 percent over 2021 to $936.3 billion, falling short of the National Retail Federation’s (NRF) forecast amid continuing inflation and high interest rates.
Retail sales grew again in October as consumers set aside concerns about inflation and many got a jump start on the holiday season.
The National Retail Federation forecasts that holiday retail sales during November and December will grow between 6 and 8 percent over 2021 to between $942.6 billion and $960.4 billion.
Retail sales remained strong on a monthly basis and saw another year-over-year gain in September despite an interest rate hike from the Federal Reserve and continuing inflation.
Consumers' willingness to spend overcame inflation again in August as more jobs and higher wages helped ease some of the pressure of continuing high prices.
Core retail sales rose in July even as overall sales reported by the Census Bureau remained flat on a monthly basis, and both calculations showed strong year-over-year gains.
Retail sales slowed in May as consumers faced continuing inflation and higher prices for essentials like food and gasoline, according to the National Retail Federation (NRF).
Consumers accustomed to inflation continued to spend in April as retail sales overcame higher prices to show both monthly and year-over-year increases.
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