A blog this week from National Retail Federation Chief Economist Jack Kleinhenz noted that the current economic recovery, compared to previous recoveries, is "dragging its feet."
He noted that other economic recoveries since World War II have taken less than five years. The current recovery started officially in June 2009--the date the economy began to grow again--and, Kleinhenz wrote, "for multiple reasons, growth this time around has been inordinately slow."
He noted that, after the hike in payroll taxes, unemployment disappointments, and chilly weather marking the start of Spring in some parts of the country, March 2013 retail sales were up just a "measly" 1.6% from March 2012. Consumer confidence readings have also been down.
"I am still optimistic for chances of growth tied to stronger housing and business investment in the second half of the year, and as consumers get used to the changes in their paychecks and gain confidence as the key back to school and holiday seasons approach," Kleinhenz blogged.
He added that, "We have some time before we can celebrate a return to 'normalcy'."
to Daily News