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National Retail Federation chief economist Jack Kleinhenz

Consumers ‘willing to spend’ even as growth slows

Consumers ‘willing to spend’ even as growth slows

WASHINGTON – NRF chief economist Jack Kleinhenz says shoppers are still spending money in retail stores even as smaller wage gains and high interest rates slow consumer spending growth. “U.S. economic growth for the remainder of this year will depend on several factors but particularly the pace of job growth, inflation and what actions will

Census Data: Retail sales moderated in April

Census Data: Retail sales moderated in April

WASHINGTON – Data released by the U.S. Census Bureau today shows retail sales moderated in April, National Retail Federation Chief Economist Jack Kleinhenz said. “Even though household income and job growth are compressing, the consumer spending picture remains positive,” Kleinhenz said. “The softer pace of spending is due in part to consumers being selective and

Economy slowed in Q1, but remains resilient

Economy slowed in Q1, but remains resilient

WASHINGTON, May 7, 2024 – Economic growth slowed during the first three months of the year, but consumers are still spending more than last year, National Retail Federation chief economist Jack Kleinhenz said today. “The U.S. economy lost some spring in its step during the first quarter as the pace of growth declined, and the

Census data shows retail sales gains in March

Census data shows retail sales gains in March

WASHINGTON – Data released by the U.S. Census Bureau on Monday shows that retail sales continued to increase in March as tax refunds and job growth put more money in shoppers’ pockets, National Retail Federation Chief Economist Jack Kleinhenz said. “March’s Census Bureau numbers confirm that consumer spending remains steady, underscoring a resilient consumer despite

NRF Economist: Inflation remains key

NRF Economist: Inflation remains key

WASHINGTON – Inflation and the Federal Reserve’s efforts to bring it under control will remain big factors in the economy this year, according to National Retail Federation Chief Economist Jack Kleinhenz.“With the U.S. economy’s strength resting heavily on household spending, all eyes are on the consumer – and how consumers will respond the next few

NRF’s Kleinhenz sees consumers still spending

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

NRF: GDP growth slowing, but consumers still spending

NRF: GDP growth slowing, but consumers still spending

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

NRF economist sees more growth ahead

NRF economist sees more growth ahead

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

NRF economist expects another year of uncertainty

NRF economist expects another year of uncertainty

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

NRF: Holiday spending could top forecast

NRF: Holiday spending could top forecast

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

Early holiday shopping boosts October retail sales

Early holiday shopping boosts October retail sales

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

Retail sales rebound in June

Retail sales rebound in June

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