January 14, 2020 7:50AM ET

Consumers Will Dictate Where the Economy Goes in 2020

Continued consumer spending will keep U.S. economic growth on track, and a look at the economy mid-year can indicate who wins the election. NRF chief economist Jack Kleinhenz says consumers control economic growth, and business needs more certainty than the Phase One trade deal. — How the economy is doing in July could provide hint on whether U.S. President Donald Trump will be re-elected in November.

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Global growth and trade uncertainty held back the U.S. economy in 2019, but so far wage growth and a tight labor market have helped keep consumer spending at a steady pace. “The consumer remains the linchpin to growth,” Jack Kleinhenz, National Retail Federation’s chief economist, said last week. The trade dispute with China created a…

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