US economy proves strong enough ‘to keep recession at bay'

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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