Coronavirus BRIEFING

NRF Chief Economist on Retail Sales Growth

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"Going forward, wallets are primed, increased foot traffic shows that consumers are returning to stores, and retailers are ready to meet their demand, but we are likely to remain on a roller coaster for a while. What we need to look at is the trajectory of employment and the direction of the virus. There’s hope for a turnaround in the economy in the third quarter, but if the virus has a reawakening, we’re going to see some serious situations for consumers."

National Retail Federation chief economist Jack Kleinhenz, in the NRF’s statement last week after the Commerce Department reported record growth for May’s retail sales.