Washington, D.C. -- The National Retail Federation announced Tuesday it has revised its holiday forecast upward, from 2.3% to 3.3%.
The NRF cited improvements in a variety of economic indicators -- including stock market gains, recent income growth and savings built up during the recession -- for the upward revision.
As announced earlier on Tuesday, November retail industry sales (which exclude automobiles, gas stations, and restaurants) increased 0.8% seasonally adjusted over October and 6.8% unadjusted over last year.