USDA Releases Updated Guideline to Strengthen Substantiation 

The U.S. Department of Agriculture (USDA) announced today the availability of an updated guideline that makes recommendations to strengthen the documentation that supports animal-raising or environment-related claims on meat or poultry product labeling. Today’s action builds on the significant work USDA has already undertaken to protect consumers from false and misleading labels and to implement President Biden’s Executive Order on Promoting Competition in the American economy.

“USDA continues to deliver on its commitment to fairness and choice for both farmers and consumers, and that means supporting transparency and high-quality standards...

Economy Still Growing, But Could be Slowing Enough for Fed to Lower Interest Rates This Year

Key elements of the economy are still growing but appear to have slowed enough to be on track for the Federal Reserve to lower interest rates later this year, National Retail Federation Chief Economist Jack Kleinhenz said today.

“The consumer environment has kept the expansion on a positive path toward a ‘soft landing’ despite high interest rates,” Kleinhenz said. “Meanwhile, inflation has not yet been fully tamed, but we are seeing progress.”

Kleinhenz’s comments came in the August issue of NRF’s Monthly...

U.S. Pork Industry Fuels American Jobs and Economic Growth: New Report Unveiled

The National Pork Producers Council (NPPC) released a new economic contribution report detailing the significant impact America’s pig farmers have on the United States’ agricultural and overall economy. The report highlights the pork industry’s value chain contributions and trends in production and industry structure.

“America’s pork industry is a vital pillar of our nation’s agricultural economy, contributing over $62 billion annually and supporting hundreds of thousands of jobs across the country,” said NPPC President Lori Stevermer, a pork producer from Easton, Minn. “Producers are committed to delivering...

Consumers Remain ‘Willing to Spend’ Even as Growth Slows

Shoppers are still willing to buy even as smaller job and wage gains and high interest rates are slowing the growth of consumer spending, National Retail Federation Chief Economist Jack Kleinhenz said today.

“U.S. economic growth for the remainder of this year will depend on several factors but particularly the pace of job growth, inflation and what actions will be taken by the Federal Reserve,” Kleinhenz said. “The good news is that the economy is growing, inflation is moderating, and overall fundamentals look fine as increased consumer spending supports underlying momentum.”...

First Quarter Results Show Economy is Slowing but ‘Remains Resilient’

Economic growth slowed during the first three months of the year, but consumers are still spending more than last year, National Retail Federation Chief Economist Jack Kleinhenz said today.

“The U.S. economy lost some spring in its step during the first quarter as the pace of growth declined, and the downshift came with an unexpected bout of inflation,” Kleinhenz said, noting that prices for services are still increasing even as prices for goods level off. “But even with signs that the economic expansion is decelerating, the economy remains resilient...

Despite ‘One Thing’ or ‘Another,’ NRF Economist Says U.S. Economy Still Shows Resilience

The U.S. economy is continuing to grow even as labor disputes across the country and uncertainty created by Congress add to the ongoing challenges of inflation and high interest rates, NRF Chief Economist Jack Kleinhenz said today.

”As Gilda Radner used to say on Saturday Night Live, ‘If it’s not one thing, it's another,’ ” Kleinhenz said. “This is certainly one of those times when that expression fits well with what is going on in the economy.”

“New turbulence from the expanding autoworkers strike and the threat of...

US Q2 GDP Growth Unrevised at 2.1%; Weekly Jobless Claims Edge Higher

The U.S. economy maintained a fairly strong pace of growth in the second quarter, the government confirmed on Thursday, and appears to have gathered momentum this quarter amid a resilient labor market.

Gross domestic product increased at an unrevised 2.1% annualized rate last quarter, the Commerce Department said in its third estimate of GDP for the April-June period on Thursday. Economists polled by Reuters had expected GDP for the second quarter would be unrevised.

Growth for the first quarter was revised up to a 2.2% rate from...