NRF Economist: ‘Watch What Consumers Do, Not What They Say’ as Recovery Continues
Despite falling consumer confidence numbers amid the recent rise in COVID-19 infections, shoppers are continuing to spend, National Retail Federation Chief Economist Jack Kleinhenz said today.
“With consumer spending accounting for roughly two-thirds of U.S. gross domestic product, all eyes are closely watching shoppers’ ability to drive the economy,” Kleinhenz said. “If consumer finances are any indication, there’s reason to be optimistic: Households remain in good shape, with consumers in the aggregate actually underspending relative to current income. Even though enhanced unemployment benefits have expired..."
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