US consumers struggle with inflation
Le Minh (Resident of Vietnam Television Station in the US)–Friday, May 27, 2022 12:35 GMT+7
Contrary to the sharp declines in sales of mid-size retail chains Walmart and Target announced last week, this week, sales of luxury retailer Macy’s and two other discount chains, Dollar Tree and Dollar General had positive business results. Information has just been published The Wall Street Journal published in the article on May 26 last.
Specifically, Macy’s net revenue in the first quarter of this year increased by 13.6% to $5.35 billion compared with $4.71 billion in the same period in 2021. Comparative sales, the index excluding revenue of newly opened or recently closed stores, up 12.8%. Macy’s total net income for the quarter more than doubled to $286 million.
For the Dollar Tree discount chain, first-quarter revenue for stores that have been open for at least 12 consecutive months increased 4.4% in the quarter ended April 30 after increasing prices per product. more than 1 USD.
High inflation is weighing on the daily spending of Americans. (Photo: ocregister)
Meanwhile, Dollar General chain’s revenue fell 0.1% due to a drop in customer volume in the second half of April, but quarterly profit beat expectations.
According to the sheet New York Times, This result is thanks to the change in consumer behavior of Americans when only buying clothes to work or attend events at Macy’s, and essential supplies are bought at discount chain stores.
Sheet Washington Post Retail sales continue to increase, showing that US consumers still want to spend money. This is an important factor contributing to the recovery of the US economy.
Sheet The Wall Street Journal Citing a report by the US Congressional Budget Office, the US GDP in the fourth quarter of this year will increase by 3.1% compared to the same period last year at 5.5%. GDP growth in 2023 is 2.2% and 2024 is 1.5%.
Inflationary in the fourth quarter will decrease to 4.7% compared to the same period in 2021 and continue to decrease to 2.7% and 2.3% in 2023 and 2024.
The unemployment rate in the fourth quarter of 2022 increased slightly to 3.7%, then decreased to 3.6% by the end of 2023 and increased to 3.8% by the end of 2024.
According to the US press, these forecasts show that the US economy is in a transition period. That process will still have fluctuations, especially when US investors are closely watching the Fed’s policy moves, which are causing concern that could push the world’s largest economy into recession. In the process, American consumers need to continue to adjust to adapt.
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