US Economy Far From ‘Out of the Woods,' Says NRF Economist

Economic recovery continues despite U.S. COVID-19 spikes, said National Retail Federation Chief Economist Jack Kleinhenz Monday. But the pace of improvement “appears to be slowing,” he said. Consumer spending was up 8.2% in May and 5.6% in June, he said. The Federal Reserve showed economic activity worsening on July 25 from July 18, he said. Other reports suggest the economy is “moving sideways,” Kleinhenz said: “The economy is far from being out of the woods. The question is whether it is re-entering the woods.”