NEW YORK — National Retail Federation chief economist Jack Kleinhenz sees a challenging economy ahead in the coming year, but he’s not convinced it will qualify as a recession. “I do expect a meaningful slowdown,” he said, but he added that he was still confident about consumer spending, which has mostly held up despite interest
WASHINGTON – Gross domestic product isn’t likely to grow as much in the final months of 2022 as it did in the third quarter, but consumer spending should remain strong even though its rapid pace is continuing to slow, National Retail Federation chief economist Jack Kleinhenz said today. “The third quarter’s results clearly dispelled the
WASHINGTON – National Retail Federation chief economist Jack Kleinhenz said Tuesday that the Federal Reserve’s efforts to curb inflation should not derail the U.S. economy’s continued growth. “There is plenty of room to raise rates without threatening the economy,” he said. Kleinhenz’s remarks came in the February issue of NRF’s Monthly Economic Review, which said
WASHINGTON – The COVID-19 omicron variant will bring uncertainty to the economy in 2022 and could contribute to inflation, but is unlikely to cause widespread shutdowns or slowdowns, National Retail Federation chief economist Jack Kleinhenz said on Wednesday. “Even with the experience of the past two years, there is no model that can predict how
WASHINGTON – With the holiday season “off to a good start,” the National Retail Federation’s chief economist now expects consumer spending to exceed his October forecast, overcoming supply chain disruptions, inflation and challenges like the new COVID-19 omicron variant. “Now that we’re in December, the holiday shopping season is nearing the finish line,” said Jack
WASHINGTON – Early holiday shopping helped boost retail sales in October, the National Retail Federation said on Tuesday. “Retail sales data for October reflects the enduring strength of consumers’ finances and willingness to spend as the holiday season gets underway,” NRF President and CEO Matthew Shay said. “The robust balance sheets of American households are being
WASHINGTON — Retail sales grew in June after dipping month-to-month in May, in a sign that the industry is benefiting from an improving economy. Retail sales rose 0.6% in June, according to the U.S. Commerce Department, which also revised data for May to show sales falling 1.7% instead of declining 1.3% as previously reported. Many
WASHINGTON — Traditional statistical measurements are not providing an accurate account of the retail industry’s contribution to the economy, National Retail Federation chief economist Jack Kleinhenz contended in the June issue of NRF’s Monthly Economic Review. “In recent years, critics have claimed the retail industry is facing an existential crisis, that retail is not growing
WASHINGTON — The U.S. economy could be headed for its fastest growth in more than three decades, National Retail Federation chief economist Jack Kleinhenz said on Monday. “While there is a great deal of uncertainty about how fast and far this economy will grow in 2021, surveys show an increase in individuals being vaccinated, more
WASHINGTON – Despite signs that reopening businesses have begun to lift the economy, National Retail Federation chief economist Jack Kleinhenz said Monday that conflicting data makes it difficult to say how steady the comeback will be. “Optimism about the economy and retail spending is being tested daily with the spread of the coronavirus,” Kleinhenz said.
WASHINGTON — Total retail sales fell dramatically in March as the coronavirus pandemic forced restaurants, bars and many stores to temporarily close across the nation. But sales soared at grocery stores and were up at other retailers deemed “essential” as well, offsetting some of the decline. “COVID-19 has hit the retail industry unevenly,” NRF Chief
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