NRF Chief Economist Says Consumer Spending Is Delaying a Recession, But Some Analysts Are Less Optimistic

NRF’s Jack Kleinhenz sees no recession for 2024, predicts rate cuts will help rising debt. But Bankrate’s Mark Hamrick says consumers are ‘just hanging on.’
NRF Chief Economist Says Consumer Spending Is Delaying a Recession, But Some Analysts Are Less Optimistic
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Since early 2023, economists have been warning about a potential recession in the United States. Now, at least one economic adviser predicts that we’re safe from recession for the rest of the year because consumers are still spending. But how long will that last?

“As long as people feel their jobs are secure and we’re seeing a level of job increases, people will continue to spend,” National Retail Federation chief economist Jack Kleinhenz told The Epoch Times. “I don’t believe a recession is in the cards for the remainder of the year. We had reasonably good labor numbers and there’s some softening, but consumer spending hasn’t cut back.”

Mark Gilman
Mark Gilman
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Mark Gilman is a media veteran, having written for a number of national publications and for 18 years served as radio talk show host. The Navy veteran has also been involved in handling communications for numerous political campaigns and as a spokesman for large tech and communications companies.