WASHINGTON – Despite expectations for slower growth of both gross domestic product and retail sales, the economy should continue to do well the remainder of this year, National Retail Federation chief economist Jack Kleinhenz said today. “No one can accurately forecast what surprises the next year might hold, but the foundation of the economy is
WASHINGTON – After a year of challenges, the economy has proven to be healthy even as it continues to slow, National Retail Federation Chief Economist Jack Kleinhenz said today. “The U.S. economy is on track to end 2023 with vigorous growth for the year,” Kleinhenz said. “A strong labor market, rising wages and access to
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
WASHINGTON, July 18, 2023 – Retail sales continued to rise in June even as employment grew more slowly, the National Retail Federation said on Tuesday. “June retail sales confirm that while the economy may be cooling, consumers remain on solid footing and are spending on household priorities,” NRF president and CEO Matthew Shay said. “Back-to-class
WASHINGTON – Retail sales rose again in May as consumers continued to spend despite economic challenges, the National Retail Federation said on Thursday. “Consumers continued to spend on household priorities in May, supported by gains in the job market and wages,” NRF President and CEO Matthew Shay said. “Retailers recognize the ongoing pressure on cost-sensitive
WASHINGTON – Retail sales bounced back in April, the National Retail Federation said Tuesday, noting that sales increased both month-over-month and year-over-year. “Retail sales rebounded in April, reflecting consumer resilience in the face of elevated economic uncertainty,” NRF President and CEO Matthew Shay said. “Moderating price levels, continued labor market strength and wage gains have
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
WASHINGTON — A major economic setback seems unlikely despite the “tricky job” the Federal Reserve faces in getting inflation under control, National Retail Federation chief economist Jack Kleinhenz said Wednesday. “With changes underway that focus on taming inflation without splintering the economy, the nation’s economic system is in the process of being rebalanced in ways
WASHINGTON – The omicron variant, inflation and bad weather in much of the country were not enough to stop consumers from shopping in January, the National Retail Federation reported on Wednesday. Retail sales posted strong gains in January despite those and other challenges. “January’s numbers show that 2022 is starting very strong for consumers and
WASHINGTON – Retail sales for the 2021 holiday season totaled $886.7 billion, up 14.1% over 2020 and easily beating the National Retail Federation’s forecast, the retail trade group said on Friday. That number, which includes $218.9 billion in online and other non-store sales (up 11.3%) but excludes sales at automobile dealers, gasoline stations and restaurants,
WASHINGTON – This year’s holiday spending has the potential to shatter previous records, the National Retail Federation said Wednesday, forecasting that holiday sales during November and December will grow between 8.5% and 10.5% over 2020 to total between $843.4 billion and $859 billion. The numbers (which exclude automobile dealers, gasoline stations and restaurants) suggest that
WASHINGTON – Retail sales in May were down compared to April but up strongly year-over-year, the National Retail Federation said Tuesday. “While May retail sales were down slightly, largely due to supply chain constraints, the more accurate indicator remains in the year-over-year data which, as the NRF calculates, showed growth of over 17%,” NRF president