Report: Holiday shopping could reach record $730 billion

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Halloween is over, and Thanksgiving is still a few weeks away, but there is already a holiday forecast that is looking very cheerful for retailers.

A new report by the National Retail Federation shows this year's holiday sales could grow as much as 4.2% compared to 2018, reaching a possible high of $730 billion.

With November and December sales accounting for 20% of annual sales, the predicted rise is good news for retailers who saw a small increase of only 2.1% last year.

The NRF blames 2018's tariffs and the uncertainty over a government shutdown for last year’s lower number.

The outlook is also good news for job seekers. The NRF expects retailers to hire more than 530,000 temporary workers to help with the high demand this holiday season.

Experts credit the rise in holiday sales to job growth and higher wages.

And it's not just brick-and-mortar stores seeing soaring sales. The NRF forecast finds online and other non-store sales are expected to increase as much as 14% to nearly $167 billion.

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