The largest retail group in the country says it expects consumers to spend more this holiday season, but the growth in sales will be slower than last year.
The National Retail Federation (NRF) said its 2024 forecast shows winter holiday spending is expected to grow between 2.5% and 3.5% over 2023.
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Individual spending on Fourth of July food items has risen to $93.34 on average across the U.S., the highest the National Retail Federation (NRF) has recorded since it began collecting this information in 2003.
The cost of one person’s July Fourth foods rose about 10 percent over the past year from $84.12, according to NRF. Inflation remained twice as high as the Federal Reserve’s target in May, according to a Labor Statistics (BLS) report, and the price of energy and food increased 4.0 percent on an annual basis last month.
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President Joe Biden is struggling to win in court as well as the court of public opinion when it comes to his response to COVID-19.
Biden’s approval rating on his handling of the pandemic has steadily dropped as he has issued more vaccine mandates, with one of those mandates seemingly dead in the water.
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Multiple trucking and retail groups filed a lawsuit on Thursday against the Biden Administration, seeking to block implementation of the federal vaccine mandate, as reported by Breitbart.
The lawsuit, filed with the Fifth Circuit Court of Appeals, is led by multiple organizations, including “the National Retail Federation, the National Federation of Independent Business, and the American Trucking Associations.” The suit specifically targets the Occupational Safety and Health Administration (OSHA), the primary federal agency that has been tasked by Biden to carry out the many sweeping vaccine mandates.
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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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