Early Data Points to Strong Sales Season NEW YORK, N.Y.—Commerce Secretary Carlos M. Gutierrez today met with retail CEOs to discuss sales forecasts for the holiday season. The meeting gave retail leaders an opportunity to discuss how the Bush administration can help the retail industry grow. The roundtable was organized by the National Retail Federation and hosted by Federated Department Stores, Inc.
Earlier in the week the Commerce Department released a snapshot of retail sales data for October that showed strong sales at apparel, electronic, appliance, furniture and department stores.
“American consumers are fueling our economic growth and they are shopping with confidence. Consumers have good paying jobs, money to spend and more opportunities to live the American dream,” Gutierrez said. “The President’s economic plan is working. Despite the challenges our economy faced this year our economy grew 3.8 percent -- the tenth consecutive quarter of growth.” Gutierrez told the CEOs that the key to growth is eliminating barriers to job creation and creating a sound economic environment that encourages investment in new markets and companies. Gutierrez added that the President’s economic policies have helped retail sales grow by more than 20 percent since January 2001.
The Bush administration remains committed to creating the conditions that will lead to sustained economic growth and job creation. Reducing our dependence on foreign sources of energy, providing students with a first class education and opening foreign markets to American products will promote prosperity, increase productivity and innovation in our economy.
“The bottom line is that consumers are going into the holiday shopping season with a strong economy that benefits families, small business owners, farmers and entrepreneurs,” Gutierrez concluded.
Source: U.S. Department of Commerce
