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Topic - Jack Kleinhenz
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"We remain optimistic that retail sales will grow modestly this year," he said, as consumers are also benefiting from an early retreat in gasoline prices before the summer driving season, as well as rising house prices, which are bolstering their sense of wealth.
"The falloff in spending is no surprise," said Jack Kleinhenz, chief economist at the National Retail Federation, who noted that the winter was colder than usual in many parts of the country and lasted well into March, while tax refunds that are often spent right away got delayed this year by the congressional standoff over the fiscal cliff last year.