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Retailers see sales growth in '03
National Retail Federation expects rising income and lower taxes will lift sales slightly.
January 13, 2003: 9:25 AM EST

NEW YORK (CNN/Money) - Some U.S. retailers said Monday they believe rising income and low interest rates will fuel consumer spending and higher retail sales in 2003.

The National Retail Federation (NRF), which calls itself the world's largest retail association, said it expects sales at general merchandise, apparel, furniture, electronics/appliance, sporting goods, hobby, book and music stores -- what it calls "GAFS sales" -- to rise 5.6 percent in 2003 from 2002.

GAFS sales rose 5.4 percent in 2002 from 2001.

"The economy has been going through a 'soft spot' in activity, which will give way to accelerated growth this year," NRF chief economist Rosalind Wells said. "2003 will not be a year of exceptional strength, but rather of solid advance. GAFS sales trends will parallel overall economic activity and improve during the year."

The NRF said its outlook is clouded by weak labor markets and "geopolitical risks" -- businesses are still reluctant to hire workers, and uncertainty about the prospects of a U.S.-led war in Iraq is the biggest obstacle to accelerated economic growth.

Retailers also will suffer from a lack of pricing power, the NRF said, and will have to use "ingenuity" to attract shoppers.

"Consumers will still feel compelled to seek out the best deal for their money," Wells said.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.