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NRF Says Economy is Strong Enough to ‘Keep a Recession at Bay’ Despite Two Quarters of Decline
Despite two consecutive quarters of decline, the U.S. economy still does not appear to be in a recession and remains unlikely to enter one this year, National Retail Federation Chief Economist Jack Kleinhenz said today.
“Back-to-back contractions have heightened fear of a recession, but while the economy has lost momentum heading into the second half of the year, economic data is not yet consistent with a typical recession,” Kleinhenz said. “Our view is that while the economy is functioning at a..."
Retailers Welcome Action But Say House Bill Fails to Create a Uniform National Privacy Law
The National Retail Federation called on the House to move cautiously on federal privacy legislation, saying a measure approved today by the Energy and Commerce Committee fails to establish a single national standard for U.S. data privacy law.
“We appreciate that the committee has worked tirelessly to improve this bill during the subcommittee and full committee processes,” NRF Senior Vice President for Government Relations David French said. “The legislation adopted today appropriately revised a provision to safeguard customer loyalty programs that help make everyday necessities..."
June Retail Sales Increased Despite Rising Inflation
Retail sales increased in June even as inflation climbed higher and drove up prices across the board, the National Retail Federation said today.
“June retail sales data shows that consumers remain on solid footing despite rising prices and an active Fed raising interest rates to combat it,” NRF President and CEO Matthew Shay said. “Inflation has consumers modifying their spending behavior and prioritizing essentials like food, energy and back-to-school items. Unfortunately, modified consumer behavior won’t be sufficient to offset persistent price increases. Other policy measures like removing China tariffs, enacting smart..."
U.S. Ports Set Another Record as Volume Remains High and West Coast Labor Contract Talks Continue
Imports set another record high this spring as the nation’s major container ports worked to reduce congestion and retailers stocked up before dockworkers’ West Coast labor contract expired, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Cargo volume is expected to remain high as we head into the peak shipping season, and it is essential that all ports continue to operate with minimal disruption,” NRF Vice President for Supply Chain and Customs Policy Jonathan...
NRF Responds to Rising CPI by Urging Administration to Repeal China Tariffs
The National Retail Federation today called on the Biden administration to repeal tariffs on goods from China, citing Consumer Price Index numbers released this morning by the Bureau of Labor Statistics.“This report showing that rampant inflation continues is one more reason for the administration to move quickly to repeal tariffs,” NRF President and CEO Matthew Shay said. “Independent researchers and government agencies agree that ending tariffs is the fastest way to relieve the pressure of higher prices that American businesses, workers and consumers are facing every day...
US Ports Remain at Near-Record Volume as Demand Continues & West Coast Contract Deadline Approaches
Imports at the nation’s major retail container ports should see near-record volume again this month as retailers work to meet still-strong consumer demand and also protect themselves against potential disruptions at West Coast ports, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“We’re in for a busy summer at the ports,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Back-to-school supplies are already arriving, and holiday merchandise..."
Retailers Say New Biofuel Levels Will Drive Up Food Prices
The National Retail Federation today said biodiesel levels set by the Environmental Protection Agency for this year are too high and will drive up inflation for already high food prices, especially processed foods that rely on food oils from crops like soybeans.
“For more than a year, we’ve alerted the EPA and the administration about the shortage of food oils, which is causing significant disruptions throughout the supply chain and raising food costs for consumers,” said David French, NRF’s senior vice president for government relations and executive director of...
The Fresh Market is Your One-Stop-Shop for Father's Day
The Fresh Market, Inc. wants to help families celebrate dad and spend time together this Father's Day with a variety of deals and products to help make the day a memorable one. The specialty food retailer is offering special pricing on a Father's Day meal, along with several gift options for dad's big day.
According to the National Retail Federation, one of the top gifts this Father's Day is to plan a special outing with dad. The Fresh Market's Father's Day meal takes the guesswork out of planning where...
NRF Says Economy ‘Being Rebalanced’ but ‘Extreme Cooling Off’ Seems Unlikely
The Federal Reserve faces “a tricky job” in addressing inflation but continuing growth in employment, wages and consumer spending make it unlikely the effort will backfire into a major setback for the economy, National Retail Federation Chief Economist Jack Kleinhenz said today.
“With changes underway that focus on taming inflation without splintering the economy, the nation’s economic system is in the process of being rebalanced in ways that are testing its resilience,” Kleinhenz said. “This is an extraordinary period with unprecedented factors that include inflation at a..."
April Retail Sales Grew With Consumers ‘Taking Higher Prices in Stride’
Consumers accustomed to inflation continued to spend in April as retail sales overcame higher prices to show both monthly and year-over-year increases, the National Retail Federation said today.
“April retail sales demonstrate consumer strength and willingness to spend despite persistent inflation, supply chain constraints, market volatility and global unrest,” NRF President and CEO Matthew Shay said. “While consumers are facing higher prices, they are preserving their budgets by shopping smart. Retail businesses are also facing increased costs like higher energy bills and rents as well as the..."
U.S. Ports Set New Record for Imports
Imports at the nation’s major retail container ports set a new record this spring and are expected to see near-record volume this month as retailers bring in merchandise ahead of rising costs and further supply chain issues, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Retailers are importing record amounts of merchandise to meet consumer demand, but they also have an incentive to stock up before inflation can drive costs higher,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold...
Retailers Say Small Businesses Are Hardest Hit by Rising Credit Card Swipe Fees
The National Retail Federation and a group of small retailers told Congress today small businesses are the hardest hit by high credit card “swipe” fees that are driving up inflation and that they want to see more competition in the payments market.
“Ongoing and unwarranted increases in swipe fees are especially damaging to small retailers,” NRF Chief Administrative Officer and General Counsel Stephanie Martz said. “We have heard many stories from small retailers about the extreme challenges posed by the current payments system and Visa and..."
NRF Says Economy Should Continue ‘Bustling Forward’ as Fed Works to Bring Inflation Under Control
The economy’s fast-paced growth could slow somewhat as the Federal Reserve tries to bring inflation under control in the next few months, but consumers are likely to keep on shopping as lower inflation eases uncertainty, National Retail Federation Chief Economist Jack Kleinhenz said today.
“The Fed’s tightening has kicked off a new cycle of adjustment and the outlook for interest rates has consequences for consumers and businesses alike,” Kleinhenz said. “There is a growing list of uncertainties, and the risks are mounting. But underlying..."
U.S. Ports Seeing Brief Slowdown From Last Year But Imports Remain High
The nation’s major retail container ports have begun to catch up with the backlog of cargo seen over the past several months, but could experience another surge this summer, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“As we entered 2022, the biggest question was when the supply chain would return to normal,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Unfortunately, we still don’t have a definitive answer. Congestion at..."
NRF Chief Economist Says Economy Has ‘Strong Momentum’ Despite Challenges From Inflation and Ukraine
Top challenges have shifted from COVID-19 to inflation and the war in Ukraine, but the U.S. economy will continue to face uncertainties in the year ahead, National Retail Federation Chief Economist Jack Kleinhenz said today.
“While the public health situation has greatly improved, the impact of the pandemic continues to spread,” Kleinhenz said. “That ripple has extended into 2022 and includes a disproportionate impact from inflation reaching a 40-year high brought about by strong consumer demand interacting with restricted supply...”
NRF Names New Deputy General Counsel
The National Retail Federation today announced that it has hired veteran trade association attorney Ceara Flake as vice president and deputy general counsel.
“As a long-time counsel at a major trade association, Ceara Flake has been a trusted legal advisor to both internal clients and corporate stakeholders,” NRF Chief Administrative Officer and General Counsel Stephanie Martz said. “Beyond her legal skills, she has a proven record of collaborating cross-functionally to promote innovation. She brings broad experience and expertise that will be highly valuable to both NRF and our member companies...”
More Consumers Hunting for Bargains this Easter
Consumers plan to spend an average $169.79 this year on Easter-related items, according to results of the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. A total of 80 percent of Americans will celebrate the holiday and spend a collective $20.8 billion, down slightly from last year's forecast of $21.6 billion.
“Consumers are eager to return to their pre-pandemic holiday traditions, particularly as it relates to purchasing food and gifts for in-person celebrations this Easter,” said NRF President and CEO Matthew Shay...
NRF Welcomes EU-U.S. Agreement on Transatlantic Data Flows
The National Retail Federation welcomed the announcement today that a long-sought agreement in principle on transatlantic data flows has been reached between the United States and the European Union.
“Transatlantic data flows are vitally important to global retailers that operate establishments in Europe or sell goods online or by mobile apps to European consumers,” NRF Senior Vice President for Government Relations David French said. “NRF and our members have long supported a coherent regulatory system for EU-to-U.S. data transfers that works for both consumers and businesses and provides..."
NRF Releases 2022 Top 50 Global Retailers
The National Retail Federation today released its annual list of the Top 50 Global Retailers. Conducted with Kantar, the 2022 Top 50 Global Retailers list is a compilation of the 50 most impactful international retailers based on their operations at the start of 2021.
Walmart continues to be the world’s largest retailer, having made significant investments in omnichannel marketplaces, in-store services and fulfillment models. Holding on to the same rankings as 2021, Amazon.com came in second, Schwarz Group came in at No. 3 and Aldi came in fourth. Costco came in as...
February Retail Sales Rose Strongly Year-Over-Year While Monthly Pace Slowed Amid Inflation
Retail sales showed a strong year-over-year gain in February, but the monthly pace slowed compared with January as inflation drove up prices and lingering effects of the COVID-19 omicron variant affected the supply chain, the National Retail Federation said today.
“Retail sales data continues to show impressive consumer resilience,” NRF President and CEO Matthew Shay said. “Despite all that’s been thrown at them including inflation, supply chain constraints, market volatility and significant geopolitical events, consumers remain able and willing to spend...
NRF Forecasts Annual Retail Sales to Grow Between 6 Percent and 8 Percent
The National Retail Federation today issued its annual forecast, anticipating that retail sales will grow between 6 percent and 8 percent to more than $4.86 trillion in 2022. The announcement was made during NRF’s annual State of Retail & the Consumer virtual event where retail industry leaders discussed the strength of the consumer economy and the future of retail.
“NRF expects retail sales to increase in 2022, as consumers are ready to spend and have the resources to do so,” NRF President and CEO Matthew Shay said...
Near-Record Import Levels Expected at U.S. Ports as Congestion Continues
Imports at the nation’s major retail container ports are expected to be at near-record levels this spring and summer as consumer demand and supply chain challenges continue to result in congestion, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Consumers are still spending and the supply chain is still working to keep up,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Growth rates have slowed down from the off-the-charts numbers we saw..."
NRF Chief Economist Says Inflation Isn’t Hitting Everyone the Same, but Will Still Play a Key Role
Inflation is at a 40-year high but isn’t hitting all consumers as hard as top-line numbers might suggest, National Retail Federation Chief Economist Jack Kleinhenz said today. Nonetheless, consumer worries about rising prices could become self-fulfilling if workers demand higher wages to compensate and will play a role in the Federal Reserve’s efforts to bring inflation under control.
“After decades of relatively low levels, inflation is on everyone’s mind and has been making consumers and businesses..."
Tech Policy Expert Joins National Retail Federation
The National Retail Federation today announced that it has hired veteran technology policy expert Michael Lemon to manage NRF’s portfolio of e-commerce and related issues as vice president for legal affairs.
“Mike Lemon has worked on technology-related issues ranging from privacy to intellectual property for more than a decade, both on Capitol Hill and in the private sector,” NRF Chief Administrative Officer and General Counsel Stephanie Martz said. “His wealth of experience and expertise will be invaluable as we advocate on behalf of the retail industry on these complex and..."
NRF Stresses Urgency with West Coast Port Contract Negotiations
To avoid additional supply chain disruptions, the National Retail Federation is encouraging the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) to begin contract negotiations well before the June 30 contract expiration.
“Imports at the nation’s major West Coast ports reached unprecedented levels over the past two years despite supply chain disruptions brought on by the COVID-19 pandemic,” NRF President and CEO Matthew Shay said. “We applaud the work of labor and management to address this surge, but we need to make sure the contract negotiations..."
January Retail Sales Overcome Omicron and Inflation to Show Strong Gains
Retail sales powered through COVID-19’s omicron variant, inflation and other challenges to post strong increases in January, the National Retail Federation said today.
“January’s numbers show that 2022 is starting very strong for consumers and retailers, especially on the heels of a record holiday season and record sales in 2021,” NRF President and CEO Matthew Shay said. “While the year ahead has challenges with inflationary pressures, labor shortages, COVID-19 impacts and uncertainty related to international tensions in Russia and China, today’s numbers show that despite these..."
Congested Retail Ports to See Welcome Break From Rapid Import Growth During First Half of 2022
Imports at the nation’s congested container ports are expected to grow modestly during the first half of 2022, but continued high volumes will keep up pressure that built as the economy bounced back from the pandemic last year, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“We’re not going to see the dramatic growth in imports we saw this time last year, but the fact that volumes aren’t falling is a clear sign of..."
NRF Chief Economist Says Growth Likely to Continue Even as Fed Works to Slow Inflation
Coming up on two years since the short-lived 2020 recession, the United States appears to be at the midpoint of an economic cycle that should continue to see growth even as the Federal Reserve raises interest rates to bring inflation under control, National Retail Federation Chief Economist Jack Kleinhenz said today.
“The maturing economy remains in growth mode and there is good reason to expect it will soon approach normal trends,” Kleinhenz said. “Despite ongoing challenges, we are clearly still in an..."
NRF Responds to Supreme Court Decision on OSHA Employer Vaccine Mandate
The National Retail Federation today issued the following statement from Senior Vice President of Government Relations David French regarding the U.S. Supreme Court’s decision to reimpose a stay of the Occupational Safety and Health Administration’s (OSHA) COVID-19 employer-based vaccination and testing Emergency Temporary Standard (ETS). NRF joined more than 26 other trade associations last week to present oral arguments before the court on the legality of the mandate.
“While NRF has maintained a strong and consistent position related to the importance of vaccines in helping to..."
Retail Import Growth Levels Out But Volume Remains High
After a year of unprecedented increases, imports at the nation’s major retail container ports are expected to return to normal growth rates in 2022 but volumes will remain high, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Even with the holiday season behind us, supply chain challenges continue,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “The huge increases in imports we’ve seen have leveled out, but volume is still at high levels..."
Omicron Could Contribute to Uncertainty and Inflation But is Unlikely to Bring Shutdowns, NRF Says
The COVID-19 omicron variant will bring uncertainty to the economy in 2022 and could contribute to inflation, but is unlikely to cause widespread shutdowns or slowdowns, National Retail Federation Chief Economist Jack Kleinhenz said today.
“Even with the experience of the past two years, there is no model that can predict how the economy responds to a pandemic,” Kleinhenz said. “What we have learned is that each successive variant has slowed down the economy but that the degree of slowdown has been less...”
NRF Responds to Stay Lifted for OSHA Employer Vaccine Mandate
The National Retail Federation today issued the following statement from Senior Vice President of Government Relations David French regarding the Sixth Circuit U.S. Court of Appeals’ decision to lift the stay for the Occupational Safety and Health Administration’s (OSHA) COVID-19 employer-based vaccination and testing Emergency Temporary Standard (ETS).
“NRF is disappointed that the Sixth Circuit has decided to lift the stay instituted by the Fifth Circuit. NRF will consider additional legal options. We will also continue to prepare our members to comply with this onerous mandate..."
November Retail Sales Put Holiday Season on Track to Set New Records
Retail sales continued to grow in November, putting the 2021 holiday season on the home stretch for record spending despite inflation, supply chain disruptions and COVID-19, the National Retail Federation said today.
“Despite economic headwinds, November retail sales data confirms that consumers continue to spend, as demonstrated by a 14 percent increase in sales year-over-year,” NRF President and CEO Matthew Shay said. “We expect demand will remain strong through December, even though consumers started holiday shopping earlier than ever this year. Despite the rise of..."
NRF Issues Statement on House Passage of Ocean Shipping Reform Act
The National Retail Federation today issued the following statement from Senior Vice President of Government Relations David French after the U.S. House of Representatives voted to approve the Ocean Shipping Reform Act (OSRA) of 2021. The bipartisan legislation, sponsored by Congressmen John Garamendi (D-CA) and Dusty Johnson (R-SD), would provide critical updates to the international maritime transportation system, which has been severely impacted by COVID-19.
“The Shipping Act has remained unchanged for nearly 20 years, as the global supply chain has continued to grow and evolve..."
2021 Retail Imports to Show Record Growth Despite Pandemic
Imports at the nation’s major retail container ports are expected to end 2021 with both the largest volume and fastest growth on record despite supply chain disruptions brought on by the COVID-19 pandemic, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“This has been an unprecedented year,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “We’ve seen more disruption than ever before because of issues along every step of the supply chain and continued strong consumer..."
October Retail Sales Grew as Consumers Got an Early Start on Holiday Shopping
Retail sales rose in October as many consumers began holiday shopping early to avoid any shortages amid pandemic-driven supply chain disruptions that are dominating businesses and shoppers this holiday season, the National Retail Federation said today.
“Retail sales data for October reflects the enduring strength of consumers’ finances and willingness to spend as the holiday season gets underway,” NRF President and CEO Matthew Shay said. “The robust balance sheets of American households are being met by retailer preparation and hard work to provide products that consumers...
NRF Responds to Stay Granted for OSHA Vaccine Mandate
The National Retail Federation today issued the following statement regarding the 5th U.S. Circuit Court of Appeals’ decision to extend a stay for the Occupational Safety and Health Administration’s COVID-19 employer-based vaccination and testing emergency temporary standard.
“We are pleased with the decision by the 5th U.S. Circuit Court of Appeals preventing the Biden administration from doing anything to enforce the OSHA ETS unless and until an appeal is made or another court says otherwise. The court agrees that this is neither a workplace hazard nor an emergency..."
NRF Joins Trade Associations in Petition to Review OSHA Mandate
The National Retail Federation today issued the following statement from President and CEO Matthew Shay regarding the organization’s involvement in a multi-trade association lawsuit against the Occupational Safety and Health Administration (OSHA) for its COVID-19 employer-based vaccination and testing Emergency Temporary Standard (ETS).
“We are deeply concerned about the timing for implementing the OSHA vaccine mandate during the most important season of the year for retailers and customers. Our members are already facing workforce shortages and supply chain disruptions, in addition to the legal and practical challenges..."
Retail Imports Near Record Pace Despite Port Congestion as Holiday Season Begins
Imports at the nation’s congested container ports are expected to remain at near-record levels for the remainder of the year as retailers rush to move merchandise from docks to shelves in time to meet the expectations of holiday shoppers, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Dockworkers are unloading ships as fast as they can, but the challenge is to move the containers out of the ports to make room for the next ship..."
NRF Issues Statement on Administration’s Vaccine Requirement for U.S. Employers
The National Retail Federation today issued the following statement from Senior Vice President for Government Relations David French in response to the issuance of the Occupational Safety and Health Administration’s new emergency temporary standard. The new federal rules will require all employers with 100 or more employees to ensure their workers are vaccinated or tested weekly for COVID-19.
“Over the past 19 months, retailers across the country have taken extraordinary measures to keep their employees, customers and communities safe during the COVID-19 pandemic. As part of these efforts..."
NRF Predicts Highest Holiday Retail Sales on Record
Holiday spending has the potential to shatter previous records, as the National Retail Federation today forecast that holiday sales during November and December will grow between 8.5 percent and 10.5 percent over 2020 to between $843.4 billion and $859 billion. The numbers, which exclude automobile dealers, gasoline stations and restaurants, compare with a previous high of 8.2 percent in 2020 to $777.3 billion and an average increase of 4.4 percent over the past five years.
“There is considerable momentum heading into the holiday shopping season,” NRF President and CEO...
September Retail Sales Grew as Delta Variant Favored Spending on Goods Over Services
Retail sales increased again in September as worries about the COVID-19 delta variant pushed consumer spending toward merchandise rather than services like dining, entertainment or travel despite supply chain disruptions and inflation, the National Retail Federation said today.
“Today’s retail sales data confirms the sheer power of the consumer to spend, and we expect this to continue,” NRF President and CEO Matthew Shay said. “Despite persistent challenges related to the global pandemic, supply chain and labor shortages, retailers and their partners have shown resilience..."
NRF Statement on White House Supply Chain Summit
The National Retail Federation today issued the following statement from President and CEO Matthew Shay following NRF’s participation in today’s White House meeting with the business community, carriers, as well as labor and port representatives in order to find solutions to address supply chain challenges.
“We thank President Biden, Vice President Harris, Secretary Buttigieg, Director Deese and Port Envoy John Porcari for their leadership to address the ongoing global supply chain disruption. It is critically important that we all come together – business, labor and government – to address the current issue..."
Retail Imports Remain High, But Could Be Higher Without Port Congestion
Imports at the nation’s largest retail container ports should remain at near-record levels this month but could see a slight dip from last year’s unusually high numbers as congestion slows the movement of backed-up cargo, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“The cargo is there for larger gains at several ports but congestion issues are impacting fluid operations,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said...
NRF Statement on Biden Administration’s China Trade Policy
The National Retail Federation today issued the following statement from Senior Vice President of Government Relations David French in response to United States Trade Representative Katherine Tai’s announcement on the Biden administration’s China trade policy.
“American businesses across the country continue to be severely impacted by the tariffs put into place by the previous administration. Today’s long-awaited announcement proved the Biden administration’s trade strategy on China to be lackluster at most, and will further inflict unnecessary damage to the American economy and retail supply chains.
“The continuation of these harmful..."
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..."
New Supply Chain Program Offers Training in Critical, Growing Area for Retailers
The NRF Foundation and the Association for Supply Chain Management (ASCM) Foundation today announced the launch of a new Warehouse, Inventory and Logistics certificate for retail employees. The program will be offered as the newest credential as part of the NRF Foundation’s RISE Up skills training portfolio.
“Ecommerce and supply chains are increasingly essential to our economy,” said NRF President and CEO Matthew Shay. “The Warehouse, Inventory and Logistics credential will give job seekers and employees the training they need to navigate the complex..."
Halloween Spending Soars as Celebrations Near Pre-Pandemic Levels
Consumer spending on Halloween-related items is expected to reach an all-time high of $10.14 billion, up from $8.05 billion in 2020, according to the National Retail Federation’s annual survey conducted by Prosper Insights & Analytics. Plans to celebrate Halloween are up this year compared with last and are close to pre-pandemic levels.
“Americans plan to spend more than ever to make this Halloween a memorable one,” NRF President and CEO Matthew Shay said. “Retailers have implemented a number of measures, such as bringing in Halloween..."
August Retail Sales Rise Despite 'Trifecta of Macroeconomic Headwinds'
Retail sales increased during August as consumer demand outweighed the pandemic, supply chain disruptions and other factors affecting spending, the National Retail Federation said today.
“The increase in August retail sales reflects the continued strength of the American consumer and the resilience of our nation’s retailers,” NRF President and CEO Matthew Shay said. “In spite of the ongoing challenges of the global pandemic, concerns about the delta variant, and supply chain and workforce constraints, the retail industry continues to do what it does best – serve customers and support communities..."
Coalition of Businesses, Trade Groups Endorse Ocean Shipping Reform Act
A coalition of more than 152 companies and trade associations representing U.S. importers, exporters, transportation providers and other supply chain stakeholders today submitted a letter of support to Congress endorsing the Ocean Shipping Reform Act of 2021.
The bipartisan legislation was introduced last month by Congressmen John Garamendi and Dusty Johnson and would update the Shipping Act to recognize the significant changes to the international maritime transportation system of the past two decades. U.S. companies, their workers and consumers rely on a global maritime transportation system to support their businesses...
Labor Market Will Play a Role in Economic Outlook but Rising Wages Could Lead to More Inflation
Strong consumer spending over the past year has been boosted by government stimulus programs but will rely more on the labor market and job creation as the benefits of those efforts subside, National Retail Federation Chief Economist Jack Kleinhenz said today. Meanwhile, higher wages that employers have had to pay as they struggle to fill job openings could lead to more inflation in coming months.
“Consumer spending is currently far above pre-pandemic levels thanks to unprecedented monetary and fiscal policies that have backstopped demand by putting money into...
July Retail Sales Slow Amid Tight Supply Chain but Demand Continues
Retail sales slowed during July as retailers continued to face supply chain disruptions and increased COVID-19 vaccinations allowed consumers to shift some spending from goods to activities like going out to dinner and traveling despite the delta variant, the National Retail Federation said today.
“July retail sales showed slight deceleration in spending, but nothing to derail our outlook for a record year,” NRF President and CEO Matthew Shay said. “Though the delta variant is presenting health challenges while supply chain disruptions along with unfilled job openings are presenting..."
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