WASHINGTON, DC – The U.S. economy did better in the first half of 2023 than early indicators suggested and appears to be “rolling forward” even as the rate of growth slows for the remainder of the year, National Retail Federation Chief Economist Jack Kleinhenz said Thursday.
“The first half of the year is over and the economy is still moving in the right direction,” Kleinhenz said. “While its rhythm, tone and pattern have slowed, it has not stalled and recently revised data shows underlying strength that seems to be rolling forward.”
Kleinhenz’s remarks came in the July issue of NRF’s Monthly Economic Review, which said revised data from the federal Bureau of Economic Analysis now shows that first-quarter gross domestic product adjusted for inflation grew 2 percent year over year rather than the 1.1 percent first reported. The personal savings rate has been revised upward to 4.3 percent from 3.4 percent and…
