“Consumers are almost always the main driver of the economy, and consumers are in good financial shape, so we expect sharp demand in the coming months,” said Jack Kleingents, chief economist at NRF. I will. “
“There is considerable uncertainty about how fast and how far this economy will grow in 2021, but research shows that more individuals are vaccinated, more motivated to get vaccinated, more willing to spend, Comfort for resuming pre-pandemic activities such as shopping, travel and family gatherings, “said Kleingents. “This feeling good situation can lead to higher levels of household spending, especially before and after the next vacation, such as July 4, and spending related to returning to work or school.”
Among other positive indicators, household savings of $ 2.4 trillion in February alone are about twice the average monthly savings in 2019 before the pandemic, which may allow consumers to eat out, travel and play sports. Because I was at home without, I have exceeded the savings I have accumulated over the past year. Said the entertainment event, the report.
In addition, consumer credit usage is on the rise, with unpaid credit in February jumping to its highest level since late 2017. Increased borrowing “embosses more confident and growing consumers as the economy accelerates, job growth recovers and more states rise. Troublesome limits,” Kleingents said. He said.
The NRF has revised its numbers in accordance with the Census Bureau, which recently announced an annual revision of retail sales. Currently, retail sales in 2020 were $ 4.02 trillion instead of the originally reported $ 4.06 trillion. However, in 2020, 2019 was revised from $ 3.81 trillion to $ 3.76 trillion, resulting in an increase of 6.9% instead of 6.7%, the report said.
2020 sales, despite the pandemic, broke the previous record of 6.3% set in 2004. The NRF forecasts retail sales in 2021 to increase from 6.5% to $ 8.2% in 2020 to $ 4.33 trillion to $ 4.4 trillion.
Fiber2Fashion News Desk (KD)
According to the latest issue of the National Retail Federation’s (NRF) Monthly Economic Review, the U.S. economy has been strong with more companies reopening and returning employees to work in more than 30 years. The fastest growth is expected. Economic growth is expected to be 6.6% this year, the highest level since 7.2% in 1984.
The US economy can see the fastest growth in 30 years: NRF
Source link The US economy can see the fastest growth in 30 years: NRF