Omicron Variant Likely to Fuel Inflation, as Americans Keep Shopping Rather Than Dining Out and Traveling, Retail Trade Group Economist Says
January 14, 2022
Article by: Melissa Repko
- 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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