International News - Shopping spend in US set to rise, says economist

Consumer spending in the US will rise this year, according to the chief economist at the National Retail Federation.

Rosalind Wells, of the US-based NRF, the trade body representing many US retailers, said she anticipates sales of general merchandise to grow by 5.6 per cent, compared to 5.4 per cent last year.

Speaking at the NRF annual conference, Wells said the picture for growth is more positive than the picture painted by comparable sales figures from Christmas, which ignored new store openings.

She said the biggest obstacle for growth this year is the looming possibility of war in the Middle East.