The ECONOMIC IMPACT of the U.S. RETAIL INDUSTRY

The ECONOMIC

IMPACT

of the U.S. RETAIL INDUSTRY

retailsimpact

Underwritten By

NRF is the world's largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation's largest private sector employer, supporting one in four U.S. jobs ? 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation's economy. NRF's This is Retail campaign highlights the industry's opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation.



RETAIL'S IMPACT

On behalf of the National Retail Federation and American Express, we are pleased to share with you this new report demonstrating retail's enormous impact on the U.S. economy.

The report, by PricewaterhouseCoopers LLP, proves that retail powers the American economy. According to the study, retail is the largest private employer in the United States. Retail directly and indirectly supports 42 million jobs, provides $1.6 trillion in labor income and contributes $2.6 trillion annually to U.S. GDP.

This report also makes clear that retail is American small business. An overwhelming majority of retail businesses ? 99% ?employ fewer than 50 people. In fact, these retailers provide 40 percent--or 11.5 million--of the 29 million jobs in retail.

Working together, retail will continue to power our economy and provide opportunities for millions of Americans seeking rewarding careers.

Sincerely,

Matthew R. Shay President & CEO National Retail Federation

Gunther Bright EVP, Merchant Services ? U.S. American Express

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THE ECONOMIC IMPACT OF THE US RETAIL INDUSTRY

September 2014

Prepared for

National Retail Federation

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