Washington, D.C. – The locally based National Retail Federation (NRF) recently announced that in light of the continuing psychological and economic impact of recent terrorist attacks in the United States, it has revised retail sales forecasts for the fourth quarter and the winter holiday season.

According to NRF's forthcoming Retail Sales Outlook report, GAF (general merchandise, apparel, furniture, home furnishings, electronics and appliance stores) sales growth for the fourth quarter has been revised to 2.2% compared to the previously forecasted 4.0%. In addition, NRF is predicting 2001 holiday retail sales to increase between 2.5% and 3.0%.

"Recession remains a possibility, however we feel that the strong underpinnings of the U.S. economy and the resilience of the U.S. consumer will force the stalling growth over the next few months to give way to a rebound beginning next year," says NRF Chief Economist Rosalind Wells.