The U. S. economy is growing despite labor disputes, high interest rates and the challenges of inflation, according to the National Retail Federation.
"New turbulence from the expanding autoworkers strike and the threat of a government shutdown — which could still happen after Congress' short-term funding measure expires — have added to the existing headwinds already facing the economy," NRF Chief Economist Jack Kleinhenz said in a press release. "Nonetheless, the economy continues to chug along and defy recession predictions, proving it to be more resilient than anticipated."
Kleinhenz's insight came in the October issue of NRF's Monthly Economic Review which reported consumer spending grew 1.8% year over year adjusted for inflation rather than the original estimate of 2.3%.
High inflation and interest rates are "dimming many households' outlook" and consumer confidence declined for the second month in a row in September, the report said.