Big name retailers continue to get ‘squeezed’ by inflation: Larry Cheng
Volition Capital managing partner Larry Cheng discusses his outlook for the stock market and analyzes the significant earnings misses for large retailers on ‘Varney & Co.’
U.S. consumers unexpectedly pulled back on spending in May as they confronted the hottest inflation in four decades.
Retail sales, a measure of how much consumers spent on a basket of goods ranging from cars to food and gasoline, fell 0.3% in May from the prior month, the Commerce Department said Wednesday. Economists surveyed by Refinitiv expected sales to rise 0.2%. It marked a noted slowdown from the gain of 0.7% gain in April.
Source: Read Full Article