See the Difference Cooper® Sharp Makes. Get Cooper®
DePalo Foods Strombolis
Veroni - 100 percent humanely raised - Authentic Italian charcuterie
Cheese that stands out from the herd. And stands out on the shelves.
Beano's - First in Deli. Always Delicious.
Simple done right
National Retail Federation Reports Economy Moving in the Right Direction; Jack Kleinhenz Shares

National Retail Federation Reports Economy Moving in the Right Direction; Jack Kleinhenz Shares


WASHINGTON, DC
Wednesday, July 12th, 2023

If slow and steady wins the race, then the United States economy is on track for a W. The National Retail Federation (NRF) recently reported signs of slow growth, noting that the economy did better in the first half of the year than was anticipated.

Jack Kleinhenz, Chief Economist, National Retail Federation“The first half of the year is over, and the economy is still moving in the right direction. While its rhythm, tone, and pattern have slowed, it has not stalled, and recently revised data shows underlying strength that seems to be rolling forward,” said Jack Kleinhenz, Chief Economist. “The resiliency of the U.S. consumer will be tested in the coming months as economic headwinds are likely to impair spending.”

As Kleinhenz explains, $500 billion in excess savings built up during the pandemic and continued employment growth mean that consumers are on the path of least resistance to economic growth and are doing their part to keep the economy pushing forward.

The National Retail Federation announced that despite the U.S. economy slowing, it has not stalled, and recently revised data shows underlying strength that seems to be rolling forward

According to a release, data shows that the first-quarter gross domestic product (GDP) adjusted for inflation grew 2 percent year over year rather than the 1.1 percent first reported. The personal savings rate has been revised to 4.3 percent from 3.4 percent, and private final sales to domestic purchasers were revised to 3.2 percent growth from 2.9 percent.

Revised data from the Federal Bureau of Economic Analysis now shows that consumer spending—which makes up 70 percent of GDP—increased at an annual rate of 4.2 percent in the first quarter, which was four times the 1 percent growth in the fourth quarter of 2022 and the fastest growth since mid-2021 despite strong headwinds from interest rates and inflation.

To read more insights, click here.

Stick with Deli Market News as we continue to watch these trends.

National Retail Federation
Topics: