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Article: National Retail Foundation Expects Drop in Growth for 2003 Because of War.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 2, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Donna De Marco, The Washington Times Knight Ridder/Tribune Business News
Apr. 2--Retail sales will increase this year at a slower pace than expected as consumers cut back on spending because of the war in Iraq.
The National Retail Federation (NRF) said yesterday sales will grow 3.8 percent -- a drop from the 5.6 percent the District trade group estimated in January. It is the smallest percentage growth in at least a decade.
NRF officials say the war and the high price of crude oil are taking their toll on consumers, who are less willing to shop.
"Consumers have had to dig deeper into their pocketbooks to pay for home-heating ...