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"Union Budget 2023-24: Jewellery Industry Reacts Positively to Government's Initiatives"

According to the latest report by the National Retail Federation (NRF), a recession in the United States economy is unlikely and a slight growth is expected in 2023. The report states that consumer spending, which accounts for 70% of the U.S. economy, will drive the growth. NRF's chief economist Jack Kleinhenz said that while the pandemic continues to impact the economy, the stimulus package, vaccine rollout and reopening of businesses will provide a boost.

The report also states that retail sales are expected to increase by 4.5% to 5% this year, reaching $4.33 trillion. The housing market will continue to recover and new home construction is expected to increase by 20%. The NRF report is optimistic about the future of the U.S. economy and expects it to continue on the path of recovery in the coming months.

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