Consumers willing to spend despite smaller jobs, wage gains

Consumers are still willing to spend despite smaller job and wage gains and high interest rates, according to the National Retail Federation.

“U.S. economic growth for the remainder of this year will depend on several factors but particularly the pace of job growth, inflation and what actions will be taken by the Federal Reserve,” National Retail Federation Chief Economist Jack Kleinhenz said in a press release. “The good news is that the economy is growing, inflation is moderating, and overall fundamentals look fine as increased consumer spending supports underlying momentum.”

Kleinhenz’s comments came in the June issue of NRF’s Monthly Economic Review.