Walmart grows more optimistic about 2024 as bargains prove a powerful lure for the inflation weary
Walmart had another quarter of strong sales that topped almost all expectations with its comparatively low prices proving a powerful draw for millions who have struggled with rising costs for housing, groceries and almost everything else
NEW YORK — Walmart had another quarter of strong sales that topped almost all expectations with its comparatively low prices proving a powerful draw for millions who have struggled with rising costs for housing, groceries and almost everything else.
The nation’s largest retailer raised its full-year outlook and executives said their customers may still be holding out for deals, but they're not seeing any signs that they're fraying.
“So far, we aren’t experiencing a weaker consumer overall,” CEO Doug McMillon told industry analysts Thursday.
Evidence of a resilient U.S. consumer is apparent across the entire retail sector.
The U.S. reported Thursday that Americans stepped up their retail spending last month in the largest leap in a year and a half. At least on Thursday, that helped ease concerns that a sustained campaign by the U.S. Federal Reserve to cool spending with higher interest rates may have gone to far and damaged the main driver of the U.S. economy, the consumer.
Walmart is among the first major U.S. retailers to report quarterly results and provides a peek into how Americans are feeling about their spending power, which came into question recently after hiring by U.S. employers fell surprisingly hard in July and the unemployment rate rose for the fourth straight month. The strong U.S. economy has been a main driver of global economic growth and the U.S. jobs market has given Americans the financial wherewithal to keep spending.
Yet the July hiring data that shook markets
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