Earlier this year after the Green Bay Packers got off to a 1-2 start to the season, the team's quarterback, Aaron Rodgers, went on the radio to tell Packer fans everywhere to R-E-L-A-X. This week, Mr. Rodgers' team will play in the NFC Championship game, one victory away from the Super Bowl. Yesterday, the National Retail Federation (NRF) had its own R-E-L-A-X moment following news that retail sales dipped in December. Here's hoping the retail industry goes on a run like the Packers through the rest of 2015.
Yesterday, the Commerce Department announced sales for December were down 0.9 percent compared to November. Much of the drop is being attributed to plummeting prices at gas stations across the U.S.
While acknowledging it also saw a dip in December, NRF pointed out that sales for the entire holiday period were up four percent, the highest level since 2011. The sales figures for the holidays were roughly in line with the 4.1 percent predicted by the trade group.
"We remain positive about the future and expect to see consumers continue to benefit from the extra income gained from an improved job market and the dramatic fall in gas prices," said Jack Kleinhenz, NRF chief economist, in a statement.
"There is every reason to believe that we have moved well beyond the days of consumer pessimism and that the trajectory for retailers continues to point up," added Matthew Shay, president and CEO of the association.
An informal survey of attendees at this week's NRF Big Show in New York found that 97 percent were more optimistic about the industry's prospects for 2015.