The US economy\u2019s rate of growth is slowing, but consumers remain financially healthy and the nation is unlikely to enter into a recession during the remainder of 2022, National Retail Federation (NRF) Chief Economist Jack Kleinhenz said.<\/p>\n\n\n\n
\u201cI am not betting on an official recession in the near term, but the most recent research pegs the risk over the next year as about one in three and it will be touch and go in 2023,\u201d Kleinhenz said. \u201cIn the meantime, a contracting economy short of a recession is not out of the question.\u201d<\/p>\n\n\n\n
\u201cRegardless of the prospect of a downturn or whether it will meet the threshold of a recession, the consumer outlook over the next few months remains favourable,\u201d Kleinhenz said. \u201cThe economy is moving away from extremely strong growth toward moderate growth, but increased income from employment gains, rising wages and more hours worked is expected to support household spending. Policy issues will likely be the deciding factor shaping the economic outlook this year and next.\u201d<\/p>\n\n\n\n
Kleinhenz\u2019s remarks came in the July issue of NRF\u2019s Monthly Economic Review<\/em>, which said economic data is \u201csofter than a few months ago\u201d but \u201cstill signals further solid economic growth.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" The US economy\u2019s rate of growth is slowing, but consumers remain financially healthy and the nation is unlikely to enter into a recession during the remainder of 2022, National Retail Federation (NRF) Chief Economist Jack Kleinhenz said. \u201cI am not betting on an official recession in the near term, but the most recent research pegs…<\/p>\n","protected":false},"author":1,"featured_media":16036,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-16035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n