![]() ![]() “While we expect consumers to maintain spending, a softer and likely uneven pace is projected for the balance of the year. Small business owners are staring down the possibility of declining sales coupled with high inflation and a shallow labor pool. Small business owners are staring down the possibility of declining sales coupled with high inflation and a shallow labor pool. In fact, 70 say they will cut back on gifts this holiday season due to these concerns. “While it is still too early to know the full effects of the banking industry turmoil, consumer spending is looking quite good for the first quarter of 2023,” said Jack Kleinhenz NRF chief economist. 1 day ago &0183 &32 A yield-curve inversion is often bad news for the U.S. Only 27 of people believe the economy is improving, while 83 are worried about inflation. He also acknowledged that recent developments in the financial markets and banking sector as well as some unresolved public policy issues complicate the outlook. A recent survey by shows that roughly 2/3 of Americans dont expect their personal finances to improve next year with nearly 30 believing their situation will actually get worse. Business Leaders Express Optimism About Tennessee Economy Despite Lingering Worries Over Inflation. NRF Chief Economist Jack Kleinhenz noted that aggregate economic activity has held up well, despite restrictive monetary policy that is working purposefully to curb inflation. The unemployment rate is likely to exceed 4% before next year. Although the labor market has remained resilient, the trade organization anticipates job growth to decelerate in the coming months in lockstep with slower economic activity and the prospect of restrictive credit conditions.
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