NRF Chief Economist: Stopping the Pandemic is First Step to Restoring Sound Economy

In the April issue of the National Retail Federation’s Monthly Economic Review, NRF Chief Economist Jack Kleinhenz says the coronavirus pandemic “has triggered shocks” – but that the underlying economy is sound.

“How quickly the country gets a handle on containing the virus will determine the degree of the impact on the economy and how soon businesses can reopen,” Kleinhenz wrote in the report. “We expect a severe contraction, and if the nation doesn’t get the virus under control the fallout will be worse.”

Gross domestic product that was growing at a 2.1 percent annual rate at the end of 2019 is “about to go into a mandated nosedive,” according to the report. And retail sales data for March...

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