The National Retail Federation (NRF) issued this assessment of the US economy yesterday:
"The U.S. economy is continuing to grow even as labor disputes across the country and uncertainty created by Congress add to the ongoing challenges of inflation and high interest rates, NRF Chief Economist Jack Kleinhenz said today.
"'As Gilda Radner used to say on Saturday Night Live, ‘If it’s not one thing, it's another,’' Kleinhenz said. 'This is certainly one of those times when that expression fits well with what is going on in the economy.'
"'New turbulence from the expanding autoworkers strike and the threat of a government shutdown – which could still happen after Congress’ short-term funding measure expires – have added to the existing headwinds already facing the economy,' Kleinhenz said. 'Nonetheless, the economy continues to chug along and defy recession predictions, proving it to be more resilient than anticipated.'
"The new challenges come on top of interest rates at the highest level in two decades, gasoline prices on the rise since midsummer, inflation still 'biting into' household budgets, backsliding consumer sentiment and the resumption of student loan payments."
- KC's View:
Note to Jack Kleinhenz: Maybe next time come up with a more current cultural reference than Gilda Radner. (And I say that as someone who is prone to referencing names such as Joe Mannix, Tennessee Ernie Ford, and George Gobel.)
Funny - when I was in Toronto earlier this week, several times I passed Gilda Radner Way, and wondered how many of the pedestrians around me had any memory of who she was and why she was culturally important.