The forecast states that although coronavirus isn’t a global pandemic, business confidence and retail sales could be impacted due to factory shutdowns in China
The NRF forecast revealed that retail sales during 2020 will increase between 3.5% and 4.1% to more than $3.9 trillion. Along with that, online sales are expected to increase between 12% and 15% to between $870.6 billion and $893.9 billion.
The overall economy is forecasted to gain between 150,000 and 170,000 jobs per month in 2020, compared to an average 175,000 in 2019, according to NRF experts. As to the unemployment rate, it should stay around 3.5%.
Along with that, gross domestic product (GDP) is likely to boost 1.9%, down from preliminary estimates of 2.3% a year ago.