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Economic Pulse: Week of 3/15/24

Retail Sales finding a new normal

After explosive growth through 2022, retail sales rose by only 5% in 2023, and as of January 2024, retail sales have increased by only 1% over last year’s level. Adjusted for inflation, this means that real retail sales were 2.5% below last year’s level.

It should be noted that, while below last year’s level, retail sales, even after adjustment for inflation, is 15% above its pre-pandemic high.

Click here for the latest Lehigh Valley Economic Review.

Listen to Economic Pulse Fridays at 5:44 PM during All Things Considered; Mondays at 7:30 AM during Morning Edition.

(Original air-date: 3/15/24)

Dr. Kamran Afshar has a Ph.D. in Economics and has taught at graduate and under graduate levels between 1978-88. He has vast experience in economic impact studies, feasibility studies, customer satisfaction surveys, and scientific competitive analysis.
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