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COGFA Has Concerns Over Holiday Retail Sales

It could be a cold holiday shopping season, as far as retail sales are concerned. That’s according to the Illinois Commission on Government Forecasting and Accountability.

COGFA’s October report says GDP slowed in the third quarter and monthly business reports indicate further loss of momentum.

Retails sales were mixed. The report says there are concerns about how strong retail sales will be headed into the holiday season. Meanwhile new home sales dropped 11.5 percent in September while existing home sales remained strong but COGFA speculates the market may be topping out.

New housing permits have softened since June. There’s been average growth of 2 percent so far in the year which is around where the economy has been stuck at since the recovery began in mid 2009, according to the report.

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