Target Corp

NYSE:TGTUnited States

1143 ET -- Mixed economic indicators aren't dampening the National Retail Federation's holiday spending outlook. However, it's too soon to predict the effect this week's election results will have on the economy for the remainder of the year, warns Chief Economist Jack Kleinhenz. Recent mixed indicators include the economy having gained far fewer jobs than expected in October, offset by a historically low unemployment rate. GDP growth slowed sequentially. He also notes salaries and wages posted their slowest growth since late 2021 but are still ahead of inflation, which continues to cool. "Putting all these considerations together, this holiday season looks very good," Kleinhenz says. NRF backs its outlook that retail sales during the November to December holiday season will increase between 2.5% and 3.5% over 2023. (connor.hart@wsj.com)