As stimulus checks end, job growth to power economy, NRF chief economist says

Child tax credit checks and government stimulus payments have helped stoke brisk consumer spending so far this year, but the next leg of economic growth will rely more heavily on jobs, according to National Retail Federation Chief Economist Jack Kleinhenz.

“As the economy moves forward into the later months of 2021, federal aid will be tapering off and there will be an important focus on the ability of the labor market to generate ongoing strength in wages and salaries to support spending,” Kleinhenz said, in an article published Wednesday. “U.S. consumers remain in the mood to spend but the labor market and job creation will play an increasing role in their…