{"id":490,"date":"2023-02-07T11:02:56","date_gmt":"2023-02-07T16:02:56","guid":{"rendered":"https:\/\/embarrdowns.com\/economy-showing-signs-of-mild-slowdown-in-2023-nrf-chief-economist\/"},"modified":"2023-02-07T11:02:57","modified_gmt":"2023-02-07T16:02:57","slug":"economy-showing-signs-of-mild-slowdown-in-2023-nrf-chief-economist","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/economy-showing-signs-of-mild-slowdown-in-2023-nrf-chief-economist\/","title":{"rendered":"Economy Showing Signs of Mild Slowdown in 2023: NRF Chief Economist"},"content":{"rendered":"

The U.S. economy is showing signs of a mild slowdown in 2023, as Federal Reserve rate hikes adopted to manage inflation \u201care having their desired effect,\u201d according to Jack Kleinhenz, chief economist for the National Retail Federation (NRF).[0]<\/a><\/sup> Kleinhenz characterized the economy as \u201cmore resilient than expected\u201d in the February issue of NRF\u2019s Monthly Economic Review.[1]<\/a><\/sup> <\/p>\n

Kleinhenz noted that the success of the economy will depend largely on the Fed\u2019s ability to strike the right balance between interest rates and inflation.[2]<\/a><\/sup> Though the slowing momentum of inflation could lead to a reassessment of future rate hikes or even a reduction in rates, they will likely remain \u201cin restrictive territory\u201d for the remainder of the year.[2]<\/a><\/sup><\/p>\n

Although there have been reports of layoffs from some major companies, small businesses are still actively recruiting.[0]<\/a><\/sup> In December, the unemployment rate was at an unprecedented low of 3.5 percent in the last 50 years.[2]<\/a><\/sup> With spending slowing, the Personal Consumption Expenditure Index\u2014the Fed\u2019s preferred measure of inflation\u2014eased to 5 percent in December, its slowest annual pace in over a year.[2]<\/a><\/sup> At its February meeting, the Fed only raised interest rates by a quarter of a percentage point, rather than the half-point increase that had happened in December, due to the results.[2]<\/a><\/sup><\/p>\n

Despite two consecutive quarters of negative numbers in the first half of the year\u2014often an unofficial marker of a recession\u2014the third quarter saw gross domestic product grow 3.2 percent year-over-year.[0]<\/a><\/sup> Growth slowed to 2.9 percent in the fourth quarter, but was still 2.1 percent higher than 2021.[2]<\/a><\/sup> While the challenges are far from over, it seem a full-blown recession is unlikely\u2014at least according to one economist, that is.[3]<\/a><\/sup><\/p>\n

An emergency fund is an excellent way to prepare for the unexpected and to help weather any potential storms.[4]<\/a><\/sup> Financial experts recommend having enough money in your emergency fund to cover at least three to six months\u2019 worth of living expenses.[4]<\/a><\/sup> Include “emergency savings” in your budget as an expense and set a goal for yourself.[5]<\/a><\/sup> Store money saved in an emergency fund in a liquid investment vehicle, like a money market account or a high-yield savings account that you may easily access.[4]<\/a><\/sup><\/p>\n

0. <\/span>“Recession? Unlikely. But See What Challenges This Economist Says Are Ahead” Gifts & Decorative Accessories, 3 Feb. 2023, https:\/\/www.giftsanddec.com\/business-news\/recession-unlikely-but-see-what-challenges-this-economist-says-are-ahead<\/a><\/a><\/p>\n

1. <\/span>“NRF: Recession unlikely, growth ahead” Retail Customer Experience, 7 Feb. 2023, https:\/\/www.retailcustomerexperience.com\/news\/nrf-recession-unlikely-growth-ahead<\/a><\/a><\/p>\n

2. <\/span>“Retailer Association Sees Growth in 2023, Says Recession Unlikely” CPAPracticeAdvisor.com, 6 Feb. 2023, https:\/\/www.cpapracticeadvisor.com\/2023\/02\/06\/retailer-association-sees-growth-in-2023-says-recession-unlikely\/76540\/<\/a><\/a><\/p>\n

3. <\/span>“Consumers’ Financial Resilience Offers Bright Spot Amid Recession Fears” REBusinessOnline, 2 Feb. 2023, https:\/\/rebusinessonline.com\/walker-dunlop-consumer-financial-resilience-offers-bright-spot-amidst-recession-fears<\/a><\/a><\/p>\n

4. <\/span>“A Possible Recession in 2023 Means You Need To Do These Things for Your Budget” AOL, 3 Feb. 2023, https:\/\/www.aol.com\/finance\/possible-recession-2023-means-things-202902418.html<\/a><\/a><\/p>\n

5. <\/span>“How to prepare for a recession” SFGATE, 31 Jan. 2023, https:\/\/www.sfgate.com\/realestate\/article\/how-to-prepare-for-a-recession-17741100.php<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. economy is showing signs of a mild slowdown in 2023, as Federal Reserve rate hikes adopted to manage inflation \u201care having their desired effect,\u201d according to Jack Kleinhenz, chief economist for the National Retail Federation (NRF).[0]<\/a><\/sup> Kleinhenz characterized the economy as \u201cmore resilient than expected\u201d in the February issue of NRF\u2019s Monthly Economic Review.[1]<\/a><\/sup> <\/p>\n

Kleinhenz noted that the success of the economy will depend largely on the Fed\u2019s ability to strike the right balance between interest rates and inflation.[2]<\/a><\/sup> Though the slowing momentum of inflation could lead to a reassessment of future rate hikes or even a reduction in rates, they will likely remain \u201cin restrictive territory\u201d for the remainder of the year.[2]<\/a><\/sup><\/p>\n

Although there have been reports of layoffs from some major companies, small businesses are still actively recruiting.[0]<\/a><\/sup> In December, the unemployment rate was at an unprecedented low of 3.5 percent in the last 50 years.[2]<\/a><\/sup> With spending slowing, the Personal Consumption Expenditure Index\u2014the Fed\u2019s preferred measure of inflation\u2014eased to 5 percent in December, its slowest annual pace in over a year.[2]<\/a><\/sup> At its February meeting, the Fed only raised interest rates by a quarter of a percentage point, rather than the half-point increase that had happened in December, due to the results.[2]<\/a><\/sup><\/p>\n

Despite two consecutive quarters of negative numbers in the first half of the year\u2014often an unofficial marker of a recession\u2014the third quarter saw gross domestic product grow 3.2 percent year-over-year.[0]<\/a><\/sup> Growth slowed to 2.9 percent in the fourth quarter, but was still 2.1 percent higher than 2021.[2]<\/a><\/sup> While the challenges are far from over, it seem a full-blown recession is unlikely\u2014at least according to one economist, that is.[3]<\/a><\/sup><\/p>\n

An emergency fund is an excellent way to prepare for the unexpected and to help weather any potential storms.[4]<\/a><\/sup> Financial experts recommend having enough money in your emergency fund to cover at least three to six months\u2019 worth of living expenses.[4]<\/a><\/sup> Include “emergency savings” in your budget as an expense and set a goal for yourself.[5]<\/a><\/sup> Store money saved in an emergency fund in a liquid investment vehicle, like a money market account or a high-yield savings account that you may easily access.[4]<\/a><\/sup><\/p>\n

0. <\/span>“Recession? Unlikely. But See What Challenges This Economist Says Are Ahead” Gifts & Decorative Accessories, 3 Feb. 2023, https:\/\/www.giftsanddec.com\/business-news\/recession-unlikely-but-see-what-challenges-this-economist-says-are-ahead<\/a><\/a><\/p>\n

1. <\/span>“NRF: Recession unlikely, growth ahead” Retail Customer Experience, 7 Feb. 2023, https:\/\/www.retailcustomerexperience.com\/news\/nrf-recession-unlikely-growth-ahead<\/a><\/a><\/p>\n

2. <\/span>“Retailer Association Sees Growth in 2023, Says Recession Unlikely” CPAPracticeAdvisor.com, 6 Feb. 2023, https:\/\/www.cpapracticeadvisor.com\/2023\/02\/06\/retailer-association-sees-growth-in-2023-says-recession-unlikely\/76540\/<\/a><\/a><\/p>\n

3. <\/span>“Consumers’ Financial Resilience Offers Bright Spot Amid Recession Fears” REBusinessOnline, 2 Feb. 2023, https:\/\/rebusinessonline.com\/walker-dunlop-consumer-financial-resilience-offers-bright-spot-amidst-recession-fears<\/a><\/a><\/p>\n

4. <\/span>“A Possible Recession in 2023 Means You Need To Do These Things for Your Budget” AOL, 3 Feb. 2023, https:\/\/www.aol.com\/finance\/possible-recession-2023-means-things-202902418.html<\/a><\/a><\/p>\n

5. <\/span>“How to prepare for a recession” SFGATE, 31 Jan. 2023, https:\/\/www.sfgate.com\/realestate\/article\/how-to-prepare-for-a-recession-17741100.php<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":489,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/490"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=490"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/489"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}