Tag: economy

Economic growth withstood inflation, high interest rates, and other challenges in 2024 and is expected to continue showing strength in 2025, according to National Retail Federation Chief Economist Jack Kleinhenz.

Retail sales increased again in August as consumer demand and easing inflation overcame slower job growth, according to the CNBC/NRF Retail Monitor, released by the NRF.

With the economy slowing but still growing and inflation down as the Federal Reserve prepares to lower interest rates, the United States appears to have dodged a recession, according to National Retail Federation Chief Economist Jack Kleinhenz.

Adjusted for inflation, GDP is expected to grow about 2.3 percent year over year—slower than last year’s 2.5 percent but still strong enough to sustain job growth that drives consumer spending. Consumer spending is expected to be up about 2 percent, which compares with 2.3 percent last year.

Consumer spending is expected to reach a total of $22.4 billion this Easter, according to the annual survey released by the NRF and Prosper Insights & Analytics.

The Census Bureau said overall retail sales in February were up 0.6% seasonally adjusted from January and up 1.5% unadjusted year over year.

Retail sales continued to grow in February, building off solid gains from January, according to the CNBC/NRF Retail Monitor.

After a better-than-expected performance in 2023, what happens with the economy in 2024 could depend largely on the labor market and what the Federal Reserve does with interest rates.

Retail sales showed a strong beginning for the year in January, nearly matching December’s busy holiday spending and rising significantly year over year.

US Census Bureau data shows that core retail sales during the 2023 holiday season grew 3.8% over 2022 to a record $964.4 billion.