US Economy Could Have Fastest Growth in 3 Decades, Says NRF
Citing consumers’ increased willingness to get a COVID-19 vaccine, increased spending intentions and comfort with resuming pre-pandemic behaviors, National Retail Federation Chief Economist Jack Kleinhenz forecast Monday the U.S. economy’s “fastest growth in more than three decades.” There’s still “a…
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great deal of uncertainty” about the market’s trajectory in 2021, but a “feel-better situation” will likely lead to higher household spending around holidays including the Fourth of July and back-to-work and back-to-school seasons, said Kleinhenz. NRF expects the economy to grow 6.6% this year, the highest level since 7.2% in 1984, he said. Outstanding credit surged in February to its highest level since late 2017, reflecting “a consumer who is growing more confident as the economy accelerates, job growth picks up and more states lift burdensome restrictions.”