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Retailers ask President Bush to act quickly on Economic Stimulus
18 Jan '08
3 min read
On Tuesday, the NRF Board unanimously adopted a resolution calling on Congress and the President to enact economic stimulus legislation as more than 18,500 retailers and vendors from around the globe met in New York City for NRF's 97th Annual Convention.
The Board said NRF expects the nation's economy will be under continued financial stress in 2008 as a result of high energy costs, fallout from the housing slump, and sluggish employment and income growth.
As with the Board's resolution, letters called for economic stimulus legislation but did not endorse any specific legislation or proposal.
NRF's action follows the Commerce Department's announcement on Tuesday that retail sales for December (excluding automobiles, gas stations and restaurants) rose 1.7 percent unadjusted over 2006 and decreased 0.4 percent seasonally adjusted from November.
Combined November-December holiday sales increased 3 percent over 2006, which was the lowest increase since 2002, when holiday sales rose 1.3 percent.
On Monday, NRF issued its 2008 economic forecast, calling for a 3.5 percent increase in retail sales over 2007. That would be the smallest increase since 2002, when sales grew only 3 percent.
NRF Chief Economist Rosalind Wells said the forecast could only be reached if action is taken by both the Federal Reserve and Congress to stimulate the economy.
The Board said NRF expects the nation's economy will be under continued financial stress in 2008 as a result of high energy costs, fallout from the housing slump, and sluggish employment and income growth.
As with the Board's resolution, letters called for economic stimulus legislation but did not endorse any specific legislation or proposal.
NRF's action follows the Commerce Department's announcement on Tuesday that retail sales for December (excluding automobiles, gas stations and restaurants) rose 1.7 percent unadjusted over 2006 and decreased 0.4 percent seasonally adjusted from November.
Combined November-December holiday sales increased 3 percent over 2006, which was the lowest increase since 2002, when holiday sales rose 1.3 percent.
On Monday, NRF issued its 2008 economic forecast, calling for a 3.5 percent increase in retail sales over 2007. That would be the smallest increase since 2002, when sales grew only 3 percent.
NRF Chief Economist Rosalind Wells said the forecast could only be reached if action is taken by both the Federal Reserve and Congress to stimulate the economy.
National Retail Federation
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