Despite an "unsettling" economic situation in the US, consumer spending has not slowed, according to a report this week from the National Retail Federation (NRF).
It's now a wonder what would curtail consumers, as high inflation, rising interest rates and fears of a recession seem to have done little other than have Americans rely on wage growth and savings to "backstop their finances and help them confront higher prices," NRF chief economist Jack Kleinhenz said in prepared remarks. "Many economists say a recession – if there is one – will likely be mild."
Kleinhenz's remarks came in the October issue of NRF's Monthly Economic Review, which noted that consumer spending held up better than expected in August as overall retail sales reported by the Census Bureau grew 0.3% from July and 9.1% year over year.
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