While the economy’s growth appears to be slowing, the National Retail Federation (NRF) said that a recession is unlikely to occur for the remainder of 2022.
“The economy is moving away from extremely strong growth toward moderate growth, but increased income from employment gains, rising wages and more hours worked is expected to support household spending,” said NRF’s chief economist Jack Kleinhenz in a statement last week.
Meanwhile, consumers have recently expressed more concern about mounting inflation pressures, according to the Federal Reserve Bank of New York’s Center for Microeconomic Data. In May, median inflation expectations for the year ahead increased from 6.3% to 6.6% in May, up 0.3% from April, the New York Fed said. This marked the highest recorded rate of survey since June 2013, tied with March.
