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On this morning’s WJR Business Beat, Jeff shares exciting news from the National Retail Federation (NRF): retail sales are beginning to rebound, and the NRF predicts a strong acceleration of the U.S. economy in 2021.
Tune in to the Business Beat, below, to learn more about the National Retail Federation’s predictions:
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Good morning, Paul!
To get this week started right, here’s news you need to know if you’re in business: The National Retail Federation, known as the NRF, predicts in its most recent monthly economic review that the U.S. economy is expected to grow the fastest it has grown in more than three decades as more and more businesses now begin to reopen.
The group expects a 6.6% increase in 2021. The highest level since 1984.
NRF chief economist, Jack Kleinhenz, explains surveys show that an increase in individuals being vaccinated increased spending intentions and comfort with resuming pre-pandemic behaviors like shopping, travel and family gatherings will likely translate into higher levels of household spending, especially around the upcoming holidays, like Fourth of July and spending associated with back to work and back to school.
And the NRF says the Federal Reserves’ April report affirms what the economic data has been signaling: U.S. growth is beginning to accelerate. That assessment and other data show unemployment benefits, government stimulus checks and tax refunds have provided a substantial increase in personal income and purchasing power.
Consumers are sitting on a pile of cash that could become a spring-loaded spending mechanism, Kleinhenz said. The consumer is nearly always the key driver in the economy, and with the consumer in good financial health, a sharp demand is expected to unfold over the coming months.
This is obviously welcome news, Paul. It’s just good to hear this positive news. So much of consumer’s willingness to spend is indeed dependent on perception and confidence. Is it safe to spend, or do I need to hunker down and save instead? Based on this new report from the National Retail Federation, things are looking up, Paul. You’ve got the green light to spend, spend, spend.
And if you’re in business, look to that spending by Paul and others to really start to heat up the economy as we move into the summer. Good news, indeed.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.