NOVEMBER SALES IN LINE WITH HOLIDAY EXPECTATIONS |
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Sunday, 12 December 2004 07:00 PM America/New_York |
November sales were in line with the National Retail Federation's (NRF) forecast of 4.5% growth in holiday sales. Last month's sales in the GAFS category (general merchandise stores, which includes book and music stores) rose 4.7% over last year and increased 0.2% seasonally adjusted over October. November retail sales released today by the U.S. Commerce Department show that total retail sales (which include non-general merchandise categories such as autos, gasoline stations and restaurants) rose 0.1% seasonally adjusted from October and increased 9.0 % unadjusted year-over-year. "Consumers are still in the game, with many splurging on high-end merchandise," said NRF Chief Economist Rosalind Wells. "November sales are an indicator that the holiday season is off to a good start."
NRF continues to forecast that holiday sales will increase 4.5% this year to $219.9 billion. NRF defines the holiday season as GAFS sales in the months of November and December.
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