U.S. Retails Sales Forecast To Reach $4.56 Trillion This Year

The National Retail Federation (NRF) has raised its growth forecast for U.S. retail sales in 2021 to between 10.5% and 13.5% as more people get inoculated against COVID-19 and the economy reopens at an accelerated rate.

The trade group now expects annual U.S. retail sales of between $4.44 trillion U.S. and $4.56 trillion U.S., up from its previous estimate issued in February of between 6.5% and 8.2% growth, or more than $4.33 trillion U.S.

The U.S. retail group also forecasts U.S. GDP growth to approach 7% in 2021, higher than the 5% projected earlier this year.

"Most indicators of U.S. economic activity point toward an energetic expansion over the upcoming months and through the remainder of the year," the NRF said in a news release, noting that this year is expected to produce the fastest economic growth the U.S. has experienced since 1984.