US economy proves strong enough ‘to keep recession at bay'
Despite two consecutive quarters of decline, the U.S. economy still does not appear to be in a recession and remains unlikely to enter one this year, National Retail Federation chief economist Jack Kleinhenz said on Tuesday.
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Leading retail association has reaffirmed its confidence in the U.S. economy
Kleinhenz noted that while back-to-back contractions have heightened fear of a recession and the economy has lost momentum heading into the second half of the year, economic data is not yet consistent with a typical recession.
“Our view is that while the economy is functioning at a slower pace it is likely to avoid a recession this year,” he said. “Despite ongoing uncertainties, we believe the underlying strength of the economy is strong enough to deal with inflation and keep a recession at bay – or short-lived even if we are wrong.”
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