Omicron variant likely to fuel inflation, as Americans keep shopping rather than dining out and traveling, retail trade group economist says

The spread of the highly infectious omicron variant is likely to fuel more inflation, as Americans keep shopping instead of spending more outside of the home, according to the National Retail Federation’s chief economist, Jack Kleinhenz.

The major retail trade group’s advisor said Wednesday in a news release, however, that he does not expect the latest wave of Covid cases to prompt an economic slowdown or a shutdown of businesses.
  • Omicron could inspire more people to buy goods rather than services, which would compound inflation as demand remains high and supply chain challenges continue, National Retail Federation’s chief economist, Jack Kleinhenz, said.

  • The latest Covid wave is unlikely to prompt an economic slowdown or a shutdown of businesses, however, the advisor to the retail trade group said.

  • Some restaurants and retailers have had to shutter locations or reduce hours as they cope with short staffing due to Covid or step up sanitizing in coronavirus hotspots.
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RSK: I had to return something at Macy`s the other day and I can attest that this is true. There were only 2 checkout areas on the first floor and one, which was the pick-up and return one, had a mile long line and only two people working. Less staff and shorter hours....



- - Volume: 10 - WEEK: 3 Date: 1/11/2022 9:06:13 AM -