Latest news with #Kleinhenz
Yahoo
22-05-2025
- Yahoo
Atlanta police lieutenant accused of groping rideshare driver
An Atlanta police lieutenant was arrested and charged with sexual battery after investigators say he groped a rideshare driver over the weekend. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] Kyle Kleinhenz, 45, was arrested on May 19 and booked into the Fulton County Jail on one misdemeanor count of sexual battery, jail records confirmed. The rideshare driver told police that she picked up Kleinhenz from Mr. C's Bar and Grill on Howell Mill Road. She said the 45-year-old inappropriately touched her during the ride, causing her to pull over for help. Responding officers said Kleinhenz was 'extremely intoxicated and unable to give a statement.' Channel 2's Michael Seiden is working to gather more details for Channel 2 Action News at 4 p.m. TRENDING STORIES: Driver sentenced to 8 years in prison for hitting, killing 8-year-old at school bus stop San Diego plane crash: Multiple people on plane killed in crash (live updates) Gwinnett Co. elementary school bus comes across ICE enforcement operation at mobile home park [SIGN UP: WSB-TV Daily Headlines Newsletter]
Fibre2Fashion
21-05-2025
- Business
- Fibre2Fashion
US retail sales show modest growth in April despite tariffs
US' overall retail sales in April rose by 0.1 per cent month-on-month (seasonally adjusted) and 5.2 per cent year-on-year (unadjusted), according to the US Census Bureau. This compares with a 1.7 per cent month-on-month increase and a 5.2 per cent year-on-year rise in March. Shoppers remained engaged in April despite ongoing concerns over tariffs on imported merchandise, according to National Retail Federation (NRF) chief economist Jack Kleinhenz. He noted that while tariffs affected spending decisions, consumer spending remains steady, supported by positive job and wage data, as well as lower energy prices. 'Consumers are still spending despite widespread pessimism fuelled by rising tariffs,' Kleinhenz said. 'While tariffs may have weighed on spending decisions, growth is coming at a moderate pace and consumer spending remains steady, reflecting a resilient economy. The momentum and willingness to spend is being supported by positive data on jobs and wages along with lower energy prices.' US shoppers stayed engaged in April despite tariff concerns, with retail sales up 0.1 per cent month-over-month and 5.2 per cent year-over-year. Core sales rose 5.1 per cent year-over-year. NRF chief economist Jack Kleinhenz noted that while tariffs affected spending, consumer spending remained steady, supported by positive job and wage data and lower energy prices. April's core retail sales as defined by NRF — based on the census data but excluding automobile dealers, gasoline stations and restaurants — were down 0.1 per cent seasonally adjusted month-over-month but up 5.1 per cent unadjusted year-over-year. Core sales were up 3.4 per cent year-over-year on a three-month moving average and up 3.8 per cent for the first four months of the year, NRF said in a press release. Last week, the CNBC/NRF Retail Monitor, powered by Affinity Solutions, reported that core retail sales were up 0.9 per cent seasonally adjusted month-over-month in April and were up 7.11 per cent unadjusted year-over-year. That compared with an increase of 0.4 per cent month-over-month and 5.07 per cent year-over-year in March. As the leading authority and voice for the retail industry, NRF provides data on retail sales each month and also forecasts annual retail sales and spending for key periods such as the holiday season each year. Fibre2Fashion News Desk (RR)
CNBC
19-05-2025
- Business
- CNBC
Trade tensions drive consumers to cut back. 'Something has to give,' analyst says
After a bout of panic buying, more consumers are prepared to rein in their spending and live with less, recent studies show. Even President Donald Trump suggested that Americans should be comfortable with fewer things. "[Americans] don't need to have 250 pencils," Trump said on NBC News' "Meet the Press." "They can have five." According to a study by Intuit Credit Karma, 83% of consumers said that if their financial situation worsens in the coming months, they will strongly consider cutting back on their non-essential purchases. Over half of adults, or 54%, said they'll spend less on travel, dining or live entertainment this year, compared to last year, a new report by Bankrate also found. The site polled nearly 2,500 people in April. "Moving forward, people may not be able to absorb these higher prices," said Ted Rossman, Bankrate's senior industry analyst. "It sort of feels like something has to give." More from Personal Finance:How to save on your grocery billAfter UK, China trade deals, tariff rate still highest since 1934Stagflation is a looming economic risk While many Americans are concerned about the effect of on-again, off-again tariff policies, few have changed their spending habits yet. Up until now, that is what has helped the U.S. avoid a recession. Because it represents a significant portion of Gross Domestic Product and fuels economic growth, consumer spending is considered the backbone of the economy. "Consumers are still spending despite widespread pessimism fueled by rising tariffs," said Jack Kleinhenz, chief economist of the National Retail Federation. "While tariffs may have weighed on spending decisions, growth is coming at a moderate pace and consumer spending remains steady, reflecting a resilient economy." However, now the economy is "at a pivot point," according to Kleinhenz. "Hiring, unemployment, spending and inflation data continue in the right direction, but at a slower pace," Kleinhenz said in a recent statement. "Everyone is worried, and a lot of people have recession on their minds." Trump's tariffs jump started a wave of declining sentiment, which plays a big part in determining how much consumers are willing to spend. "Any time there is this much uncertainty, people tend to get a little more cautious," said Matt Schulz, chief credit analyst at LendingTree. The Conference Boards' expectations index, which measures consumers' short-term outlook, plunged to its lowest level since 2011. The University of Michigan's consumer survey also showed sentiment sank to the lowest reading since June 2022 and the second lowest in the survey's history going back to 1952. "The cumulative effects of inflation and high interest rates have been straining households, contributing to record levels of credit card debt and causing consumer sentiment to plummet," Rossman said. Tack on the Trump administration's resumption of collection efforts on defaulted federal student loans and many Americans, who are already under pressure, will suddenly have less money in their pockets. As it stands, roughly half — 47% — of U.S. adults would not consider themselves financially prepared for a sudden job loss or lack of income, according to recent data from TD Bank's financial preparedness report, which polled more than 5,000 people earlier this year. Another 44% of Americans said they think about their financial preparedness every single day.
Yahoo
04-04-2025
- Business
- Yahoo
NRF projects US retail sales to grow between 2.7% and 3.7% in 2025
The National Retail Federation (NRF) has projected that US retail sales will experience a growth rate of 2.7% to 3.7% in 2025, amounting to a total of between $5.42tn and $5.48tn amid economic uncertainty, exceeding the figures from 2024. The forecast was disclosed at NRF's fifth annual State of Retail & the Consumer event, held in Washington from 2 to 3 April 2025. In comparison with the previous year's growth rate of 3.6%, reaching $5.29tn in sales, the projection for 2025 aligns with the decade-long average growth rate before the Covid-19 pandemic, also at 3.6%. The non-store and online retail segment is expected to grow by between 7% and 9%, potentially achieving sales between $1.57tn and $1.6tn. This follows 8.1% growth in this segment the previous year, culminating in $1.47tn in sales. Despite these positive trends, the NRF anticipates a slight deceleration in GDP growth for 2025 to just below 2%, a decrease from the 2.8% observed in 2024 and below recent years' trends. NRF chief economist Jack Kleinhenz stated: 'While we do expect slower growth, consumer fundamentals remain intact, supported by low unemployment, slower but steady income growth, and solid household finances. Consumer spending is not unravelling.' Addressing concerns over declining consumer confidence due to persistent inflation and tariff-related anxieties, Kleinhenz clarified that these factors are unlikely to prompt an immediate decline in spending. 'It's the hard data on employment, income and tariff-induced inflation — not consumer sentiment — that supports our view of a slower trajectory for consumer spending,' he added. For its retail sales forecasts, NRF excludes figures from automobile dealerships, gas stations and restaurants to concentrate on core retail performance. The projections for 2025 consider an array of economic indicators such as employment rates, wage levels, disposable income figures, consumer credit availability and historical retail sales data. NRF president and CEO Matthew Shay stated: 'Overall, the economy has shown continued momentum so far in 2025 — bolstered by low unemployment and real wage gains. However, significant policy uncertainty is weighing on consumer and business confidence. Still, serving customers will remain retailers' top priority no matter what the economic environment.' NRF's latest Retail Monitor, released in March 2025, revealed that retail spending experienced a slight decline in February, following concerns over tariffs and uncertain economic conditions. "NRF projects US retail sales to grow between 2.7% and 3.7% in 2025" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
02-04-2025
- Business
- Yahoo
Consumer Anxiety Could Mean Slower Retail Sales Growth This Year
The National Retail Federation on Wednesday predicted that retail spending growth may slow in 2025. The trade group predicts "core" retail spending will increase 2.7% to 3.7% year-over-year in 2025, compared to a 3.6% increase in 2024. Excluding spending on cars, gas and restaurants, Americans' retail spending will hit $5.42 trillion to $5.48 trillion in 2025, NRF spending growth is expected to slow in 2025, according to new data, with lingering inflation and anxiety about tariffs weighing on consumer confidence. Americans will spend 2.7% to 3.7% more with retailers in 2025, generating about $5.42 trillion to $5.48 trillion in sales, according to a forecast the National Retail Federation, a trade group, released Wednesday. That compares to a 3.6% year-over-year growth in 2024, when consumers spent $5.29 trillion on "core" retail, which excludes restaurant, car and gas purchases, NRF said. 'A lot is riding on the consumer,' NRF Chief Economist Jack Kleinhenz said. 'While we do expect slower growth, consumer fundamentals remain intact, supported by low unemployment, slower but steady income growth, and solid household finances." Consumer spending isn't "unraveling," Kleinhenz said, but it has been sluggish. That may present larger problems, since consumer spending accounts for about 70% of US gross domestic product, a measure of economic growth. Some companies are anticipating a pullback. Home goods company Williams-Sonoma (WSM) said last month that its sales in the year ahead might decline. American Eagle Outfitters (AEO) forecast last month that revenue in the coming year would drop, with CEO Jay Schottenstein saying people have become 'very conservative." Retailers have said low-income consumers are hurting; Dollar Tree (DLTR) CEO Michael Creedon described the pressure as widespread and recently said 'everybody is hurting right now.' He said that the discount retailer has gained traction with higher-income households looking to save, a trend Walmart (WMT) has also observed. Restaurant and bar sales dipped 1.5% from January to February, according to the Census Bureau, which estimated that overall spending ticked up 0.2%. Excluding spending on cars, gas and at food service venues, core retail spending fell for the second month in a row, declining 0.2% from January to February, according to estimates published by NRF. The White House is slated later today to unveil new tariffs. The NRF today said import taxes were making consumers fearful of a spike in inflation. Consumer sentiment dropped for a third consecutive month this March, according to the University of Michigan's Consumer Sentiment Index, which found Americans uneasy about trade policy, the labor market, business conditions and personal finances. Read the original article on Investopedia
