Stimulus Checks In Hand, Consumers Are Ready To Shop. But Are Retailers Ready For The Influx?
Economists and policymakers are forecasting a surge in consumer spending this year, as the Covid-19 vaccination rollout accelerates, business restrictions ease and schools reopen. But retailers are already finding that shortages and supply chain bottlenecks could imperil their ability to facilitate the spending that contributes a significant chunk of the nation’s economic activity. Federal Reserve board members and regional Fed presidents expect that the U.S. economy will grow by 6.5 percent this year, in line with the expectations of the Organization for Economic Cooperation and Development. A prominent retail trade group is forecasting sales will increase by as much as 8.2 percent over last year, up to $4.4 trillion of economic activity. “We remain optimistic that retail will help facilitate a surge in spending, job growth and capital investment,” National Retail Federation president and CEO Matthew Shay said in a statement. Read more at NBC News.
