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Many U.S. retailers are looking to move past a challenging fall quarter, with the recent GOP sweep in the presidential election providing a boost in confidence. Best Buy reported one of its worst three-month stretches in a decade, attributing some of the blame to the distractions of the presidential contest and a more uncertain economic environment. However, they have seen an uptick in holiday sales, particularly in computers, tablets, and services.
Consumer confidence is also on the rise, with Gallup’s Economic Confidence Index showing a nine-point increase compared to October. While most Americans still believe economic conditions are worsening, there has been an improvement in sentiment, especially among Republicans.
Abercrombie & Fitch and Burlington are among the retailers expecting strong holiday sales, with Abercrombie raising its sales growth guidance for the year. The overall outlook for the retail sector is cautiously optimistic, with many companies seeing positive sales trends.
The Philadelphia Federal Reserve’s survey of economic forecasters also shows an improved outlook for the U.S. economy, with predictions of increased growth in the coming months. Overall, retailers are hopeful for a successful holiday season and are starting to see positive signs of recovery in the retail sector.
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