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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...”
U.S. Inflation's Persistent Rise Hits Fastest Pace in 39 Years
U.S. inflation reached a nearly four-decade high in November, as strong consumer demand collided with pandemic-related supply constraints.
The Labor Department said the consumer-price index -- which measures what consumers pay for goods and services -- rose 6.8% in November from the same month a year ago. That was the fastest pace since 1982 and the sixth straight month in which inflation topped 5%.
The so-called core price index, which excludes the often-volatile categories of food and energy, climbed 4.9% in November from a year earlier...
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