Consumer spending may fall short of expectations in 2013

By WEEK Producer
By NBC News

Consumer spending may fall short of expectations in 2013

January 31, 2013 Updated Jan 31, 2013 at 12:46 PM CDT

WASHINGTON, D.C. -- It could be a bleak year for retail sales.

According to the National Retail Federation, retail industry sales are expected to increase 3.4 percent in the coming months.

That's slightly less than the preliminary 4.2 percent growth seen last year.

The weak outlook comes on the heels of concerns over the fiscal cliff, which shifted consumer spending.

Overall, holiday sales were up 3 percent.

A number of factors contributed to the weak forecast, including employment and income, which are not expected to result in fast growth this year.

Analysts say it's too early to tell if higher payroll taxes may have an impact on consumer spending.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.