Retail trade group raises Yule spending forecast

12/16/2011

NEW YORK — With the final Christmas countdown under way, the nation’s largest retail trade group has upgraded its holiday sales forecast reflecting growing optimism that much more spending is to come.

The National Retail Federation said Thursday it now expects holiday sales for the November and December period to rise 3.8 percent to a record $469.1 billion.

That’s up from its more modest 2.8 percent forecast made in early October.