Economist sees “strong momentum’ despite challenges

WASHINGTON D.C. – 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 April 1.

“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.”

Kleinhenz’s remarks came in the April issue of NRF’s Monthly Economic Review, which said the economy nonetheless “has strong momentum and the consumer is in the driver’s seat.” Gross domestic product is expected to grow 3.5 percent this year and personal consumption should be up by the same amount, both…

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