Top retail trade group upgrades holiday forecast

[December 15, 2011]  NEW YORK (AP) -- The nation's largest retail trade group says it's upgraded its holiday forecast reflecting growing optimism that more spending is to come.

The National Retail Federation, based in Washington, says 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 when the economy's health looked more uncertain.

The projected gain is still below the 5.2 percent pace seen during the holiday 2010 season from the prior year, but it's well above the 2.6 percent average increase over the past 10 years.

[Associated Press; By ANNE D'INNOCENZIO]

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