Joe Biden is flitting about the country — with his compliant media in tow — claiming that the economy is doing great. But Walmart has published its own economic data that shows that the economy is not doing well at all.
Walmart CEO Doug McMillon is warning that the economy is far softer than expected. The trends in October were so bad, it made them “pause and rethink the health of the consumer.”
The nation’s largest retailer saw a sharp falloff in sales during the last two weeks of October.
In fact, it’s so bad, they are even more cautious than they were three months ago.
One of the biggest problems is that inflation has been so bad for so long that it is still hurting the economy.
JUST IN: Walmart, $WMT, falls 8% as CFO says October trends have made them "pause and rethink the health of the consumer."
More specifically, Walmart said they saw a sharp falloff in sales during the last 2 weeks of October.
Management said there is still strain on the consumer… pic.twitter.com/hYdbA2VF8X
— The Kobeissi Letter (@KobeissiLetter) November 16, 2023
Financial advisers at the Kobeissi Letter warned that this is nothing unusual.
“Comments like these are reminders that many consumers are struggling. As household excess savings are depleted, consumers are increasingly relying on debt,” they added.
“Inflation is still a major issue for consumers,” they said.
Comments like these are reminders that many consumers are struggling.
As household excess savings are depleted, consumers are increasingly relying on debt.
Inflation is still a major issue for consumers.
Follow us @KobeissiLetter for real time analysis as this develops.
— The Kobeissi Letter (@KobeissiLetter) November 16, 2023
Joe Biden’s claims that his Bidenomics is “working” are all lies.
We have still not seen the worst of Bidenomics.
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