Smaller Gain in Holiday Sales Is Forecast

U.S. retailers are likely to see same-store sales rise 4% in November and December, the smallest gain in four years, because of higher gas prices and interest rates, Bank of Tokyo Mitsubishi Ltd. said. Sales at stores open at least a year rose 5.4% last year, the biggest increase since 1992. “It’s considerably slower than the last several years, but it’s still going to be a decent selling season,” said Bank of Tokyo economist Mike Niemira. A 4% rise in holiday spending would top gains in all but four years during the 1990s.

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