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Jack Kleinhenz

NRF economist says U.S. economy still shows resilience

NRF economist says U.S. economy still shows resilience

WASHINGTON – The U.S. economy is continuing to grow even as labor disputes across the country and uncertainty created by Congress add to the ongoing challenges of inflation and high interest rates, NRF Chief Economist Jack Kleinhenz said today. ”As Gilda Radner used to say on Saturday Night Live, ‘If it’s not one thing, it’s

NRF: Retail sales ‘moderated’ in March

NRF: Retail sales ‘moderated’ in March

WASHINGTON – Retail sales slowed in March, but spending was still higher than during the same time last year, the National Retail Federation said Friday.   “Retail sales moderated in March after posting strong gains in the first two months of the year,” NRF President and CEO Matthew Shay said. “Continued easing of inflation and the

NRF economist offers upbeat forecast for year

NRF economist offers upbeat forecast for year

WASHINGTON – Despite inflation and high interest rates, National Retail Federation chief economist Jack Kleinhenz is predicting that a recession is unlikely and the economy will see slight growth in 2023. “A month into 2023, the economy is facing stiff headwinds and – with the exception of easing inflation – will likely face more challenges

Recession for 2022 unlikely

WASHINGTON — A favorable consumer outlook over the next few months might be enough to keep the U.S. economy from tipping into a recession in 2022, according to National Retail Federation (NRF) chief economist Jack Kleinhenz. “The economy is moving away from extremely strong growth toward moderate growth, but increased income from employment gains, rising

February retail sales show year-over-year gains

February retail sales show year-over-year gains

WASHINGTON – Retail sales showed a strong year-over-year gain in February, but the monthly pace slowed compared with January as inflation drove up prices and lingering effects of the COVID-19 omicron variant affected the supply chain, the National Retail Federation said Wednesday. “Retail sales data continues to show impressive consumer resilience,” NRF president and CEO

NRF sees ‘fits and starts’ recovery ahead

NRF sees ‘fits and starts’ recovery ahead

WASHINGTON – Stay-at-home orders are being eased and non-essential stores are reopening in many parts of the country. But the rebound in retail sales is likely to be gradual, and will vary by location, National Retail Federation chief economist Jack Kleinhenz predicted on Wednesday. “Getting back to work or shopping in a pre-virus manner is

NRF chief economist: stopping pandemic is first step

NRF chief economist: stopping pandemic is first step

WASHINGTON – National Retail Federation chief economist Jack Kleinhenz says the coronavirus pandemic “has triggered shocks,” but he argues that the underlying economy is sound. “How quickly the country gets a handle on containing the virus will determine the degree of the impact on the economy and how soon businesses can reopen,” Kleinhenz wrote in

NRF reports modest sales gains in November

NRF reports modest sales gains in November

WASHINGTON –Retail sales growth was modest in November, but the National Retail Federation still expects a strong holiday season for retailers. Retail sales in November increased 0.1% seasonally adjusted over October and were up 2.1% unadjusted year-over-year, according to the NRF, which noted that the numbers exclude automobile dealers, gasoline stations and restaurants. “November showed

NRF: Holiday retail sales increased 5.5% in 2017

NRF: Holiday retail sales increased 5.5% in 2017

WASHINGTON – Citing U.S. Census data, the National Retail Federation reported Friday that retail sales during November and December increased 5.5% compared to last year, to reach $691.9 billion. That number includes $138.4 billion in online and other non-store sales, which were up 11.5% over the year before. The results exceeded NRF’s predicted increase of

NRF forecasts sales growth for 2017

NRF forecasts sales growth for 2017

WASHINGTON — The National Retail Federation on Wednesday forecast that retail industry sales will grow between 3.7% and 4.2% in 2017. Online and other non-store/online sales, which are included in the overall number, are expected to increase between 8% and 12%. NRF’s definition of retail sales excludes automobiles, and money spent at gas stations and

Are recent headlines a sign of things to come?

Two recent business stories that received a fair amount of attention in mainstream media channels raise some interesting questions about the trajectory of retailing in America. The National Retail Federation reported in the middle of last month that holiday sales increased just 3% to $626 billion. The lackluster performance fell well short of the association’s