Consumers still spending despite inflation

According to the National Retail Federation (NRF) Monthly Economic Review for June 2024, gross domestic product is still expected to grow about 2.3% over 2023 but that employment is now expected to grow by an average 180,000 jobs a month, about 50,000 higher than expected during spring 2024.

"U.S. economic growth for the remainder of this year will depend on several factors but particularly the pace of job growth, inflation and what actions will be taken by the Federal Reserve," said NRF chief economist Jack Kleinhenz. "The good news is that the economy is growing, inflation is moderating, and overall fundamentals look fine as increased consumer spending supports underlying momentum." To read the full article by Dan Berthiaume, please visit csa.com.