After a year of challenges, the U.S. economy has proven to be healthy even as it continues to slow, National Retail Federation (NRF) Chief Economist Jack Kleinhenz said.<\/p>\n
\u201cThe U.S. economy is on track to end 2023 with vigorous growth for the year,\u201d Kleinhenz said. \u201cA strong labour market, rising wages and access to excess savings have helped spending continue despite inflation and higher interest rates.\u201d<\/p>\n
Kleinhenz\u2019s comments came in the December issue of NRF\u2019s Monthly Economic Review, which said gross domestic product growth for the year is now expected to come in at 2.5% adjusted for inflation over 2022, \u201cmuch higher than expected a year ago.\u201d<\/p>\n
GDP grew at an annualised pace of 3.2% over the first three quarters and shot up 5.2% in the third quarter but is expected to slow to 1.2% in the fourth, according to the Federal Reserve Bank of Atlanta\u2019s GDPNow model.<\/p>\n
Gross domestic income \u2013 which goes beyond the value of products produced to include wages, rent, interest and corporate profits earned during production \u2013 was up only 1.5% in the third quarter, also adjusted for inflation, following 0.5% in the second quarter.<\/p>\n
It was the fourth consecutive quarter in which GDI grew less than GDP, which Kleinhenz said \u201cadds to the argument that the economy is slowing\u201d even though neither indicates that growth has halted.<\/p>\n","protected":false},"excerpt":{"rendered":"
After a year of challenges, the U.S. economy has proven to be healthy even as it continues to slow, National Retail Federation (NRF) Chief Economist Jack Kleinhenz said. \u201cThe U.S. economy is on track to end 2023 with vigorous growth for the year,\u201d Kleinhenz said. \u201cA strong labour market, rising wages and access to excess…<\/p>\n","protected":false},"author":1,"featured_media":23939,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-23938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n