Following up on a resolution passed by the National Retail Federation Board of Directors earlier this week calling for legislation to stimulate the nation’s economy, NRF wrote to President Bush and both Democratic and Republican leaders of Congress asking for quick action.
“U.S. retailers, who are a bellwether for our nation’s changing economic climate, are greatly concerned about the softening of the U.S. economy,” NRF President and CEO Tracy Mullin said.
“2007 holiday sales were the weakest since 2002, and as the new year begins, consumer spending remains sluggish. Consumer spending represents 70 percent of the U.S. economy and has fueled our economy for the past decade.
We agree with economists who say the fastest way for a stimulus to enter the economy is through the consumer.”
“Quick enactment of legislation to put dollars back in consumers’ pockets would fuel consumer spending and create additional demand throughout all sectors of the nation’s economy,” Mullin wrote. “We believe such legislation could be the boost our economy needs to set it on an upward path once more.”
“Because it is so important to enact this legislation in a timely manner, we urge you to work with congressional leaders on a bipartisan basis to move a simple, targeted economic stimulus package as soon as possible.”
Mullin’s comments came in a letter to Bush delivered to the White House. Similar letters were sent to House Speaker Nancy Pelosi, D-Calif, and Minority Leader John Boehner, R-Ohio, and to Senate Majority Leader Harry Reid, D-Nev, and Minority Leader Mitch McConnell, R-Ky.
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.
Source : http://www.fibre2fashion.com
“U.S. retailers, who are a bellwether for our nation’s changing economic climate, are greatly concerned about the softening of the U.S. economy,” NRF President and CEO Tracy Mullin said.
“2007 holiday sales were the weakest since 2002, and as the new year begins, consumer spending remains sluggish. Consumer spending represents 70 percent of the U.S. economy and has fueled our economy for the past decade.
We agree with economists who say the fastest way for a stimulus to enter the economy is through the consumer.”
“Quick enactment of legislation to put dollars back in consumers’ pockets would fuel consumer spending and create additional demand throughout all sectors of the nation’s economy,” Mullin wrote. “We believe such legislation could be the boost our economy needs to set it on an upward path once more.”
“Because it is so important to enact this legislation in a timely manner, we urge you to work with congressional leaders on a bipartisan basis to move a simple, targeted economic stimulus package as soon as possible.”
Mullin’s comments came in a letter to Bush delivered to the White House. Similar letters were sent to House Speaker Nancy Pelosi, D-Calif, and Minority Leader John Boehner, R-Ohio, and to Senate Majority Leader Harry Reid, D-Nev, and Minority Leader Mitch McConnell, R-Ky.
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.
Source : http://www.fibre2fashion.com
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