US retail sales to reach almost $4 trillion in 2020

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

US retail sales

US retail sales to reach almost $4 trillion in 2020. Source: shutterstock.com

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 nation’s record-long economic expansion is continuing, and consumers remain the drivers of that expansion. With gains in household income and wealth, lower interest rates and strong consumer confidence, we expect another healthy year ahead. There are always wild cards we cannot control like coronavirus and a politically charged election year. But when it comes to the fundamentals, our economy is sound and consumers continue to lead the way
Matthew Shay, NRF President and CEO 

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.

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