However, ‘no one has a crystal ball,’ Jack Kleinhenz said.
NRF chief economist says it is too soon to say how quickly or smoothly the nation’s economy will recover.
It could “take several months to assess the full consequences and project a path forward.”
Recent actions by the Federal Reserve and Congress will help, but bringing the virus under control remains the key.
NRF forecasts retail sales will grow 3.5 percent to 4.1 percent.
January’s results build on increases of 0.3 percent month-over-month and 6.3 percent year-over-year in December.
The growth rate reported today is nearly double the weak 2.1 percent seen during the 2018 holiday season.
November retail sales kick off holiday season with 2.1 percent growth over last year and more spending to come.
October’s results make up for most of the 0.3 percent month-over-month decline seen in September.
The pullback is possibly a reaction to increased fears over U.S.-China tensions according to NRF.
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