US retail group sees holiday sales rising up to 4.2% amid trade uncertainty


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US retail group sees holiday sales rising up to 4.2% amid trade uncertainty

On Thursday, the 3rd of October 2019, the National Retail Federation of United States, world’s largest retail trade association headquartered in Washington DC, chaired by an American attorney David A. French, had raised US holiday sales forecast for 2019, while the retail group had also added that the holiday sales would likely to be 4.2 per cent higher on a year-on-year basis despite a crisis-struck US retailing industry grappling with frets of a steep slowdown concerns amid an almost fifteen-month long Sino-US trade row.

On top of that, the retail group said in its Thursday’s (October 3rd) statement that it was expecting 2019 US holiday sales to surge by 4.2 per cent to $730.7 billion from a year earlier, while 2018 US holiday sales had reported a 2.1 per cent growth to $701.2 billion.

More critically, the surprising holiday sales forecast from the world’s largest retail group came forth on the heels of a basket of terrible economic data including US manufacturing activity falling to a decade-low figure and service-sector activity slowing to a three-year low last month, pointing to a slowing US economy which had been sliding gradually into a recession, while adding that an exemption of tariff hike for some of the Chinese exports would likely to undermine geopolitical rhetoric, NRF Chief Executive, Mathew Shay said in a statement on Thursday (October 3rd), “There has clearly been a slowdown brought on by considerable uncertainty around issues including trade, interest rates, global risk factors and political rhetoric”.