National Association Optimistic on Sales Growth for 2021

Retail sales in the U.S. could rise between 6.5% and 8.2% to more than $4.3 trillion this year as more people get the COVID-19 vaccine and the economy reopens, according to the National Retail Federation.

NRF president Matthew Shay said the economy is expected to see its fastest growth in over two decades.

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U.S. Retail Sales Jump in January in Positive Sign for Economy

The U.S. retail sales were much higher than economists projected in January, ending a multi-month streak of underperformance, according to the Commerce Department.

Retail sales increased 5.3% and totaled $568.2 billion in January, according to the Department of Commerce report released Wednesday. Economists had predicted retail sales to increase by 1.2%, The New York Times reported.

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May Retail Sales Jumped 17.7 Percent, Double the Forecast As States Came Out of a Lockdown-Induced Hibernation

Retail sales rebounded in May as states eased coronavirus-induced lockdown measures, allowing retail stores to regain more ground than analysts expected, according to Department of Commerce data.

Retail sales jumped 17.7% in May, effectively doubling expectations and marking the biggest single-month gain in records going back more than 20 years, according to a Commerce Department report released Tuesday. A Bloomberg News survey of economists had anticipated 8.4% increase in retail sales in May as COVID-19-related measures melted away following a 14% decline in April.

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