Saturday, June 03, 2023

Consumers listening to Charlie Chan

 


(My new American Thinker post)

The Biden economy reminds me of that line from Charlie Chan:  "In these troubled times, best to be economical."  

We hear about unemployment numbers and how inflation is dropping. You hear that and then you go shopping. This economy looks a lot different when you put items in your grocery chart. Don't take my word for it but rather watch the retailers. This is the story

Retailers from Macy's to Dollar General have issued warnings on consumer spending, slashing their sales forecasts and citing an increasingly challenging economic environment, including stubbornly high inflation.

In an earnings report on Thursday, Macy's said same-store sales sank 8.7 percent last quarter, forcing the New York-based department store to cut prices on clothes and other discretionary items.   Macy's results concluded the retail industry's earnings season, which showed how stubbornly high inflation, particularly in food, is forcing shoppers to further cut back on discretionary items like clothing to afford their soaring grocery bills.     

Meanwhile, Dollar General, which caters to low-income shoppers and is the fastest-growing US retail chain by store locations, also cut its annual sales and profit outlook on Thursday, sending the company's stock down 19.55 percent for the day.

Dollar General said it saw sales growth in groceries and other basic necessities, but that was offset by declines in seasonal, home and apparel items as inflation bit into consumer budgets.

 Yes, consumers are surely going economical as inflation is eating their wallets alive.  In North Texas, gasoline is back to $3.19 a gallon and the pump gets to $35 way too fast. Going out to eat is no better and a $45 after-mass lunch makes you scream and tell President Biden to go to confession.  

Yes, U.S. consumers are counting their pennies and the retailers know it.

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A word about June 3





We remember June 3:

Negro Leagues:    On this day in 1937, Gibson  hit one of the longest HRs of the 20th century or an estimated 580 feet in the old Yankee Stadium.

June 3, 1941:   Joe DiMaggio extended the streak to 20.....went 1-for-4 against Dizzy Trout.

"It was the third of June.." sang Bobbie Gentry in "Ode to Billy Joe"....# 419 in Rolling Stone Top 500 songs...   

"Hey there lonely girl":    We remember Eddie Holman who was born in Virginia on this day in 1946.   He was actually raised in New York City.

P.S.  You can listen to my show.  If you like our posts, please look for ”Donate” on the right column of the blog page.


The Cuban kitchen with Marta Verdes Darby and Sonia Martinez


CLICK TO LISTEN:

The Cuban kitchen with Marta Verdes Darby and Sonia Martinez 05/31 by Silvio Canto Jr | Food Podcasts:

Guests: Marta Verdes Darby, author and editor of 'My big fat Cuban family'......and Sonia Martinez, author of 'From soup to nuts'.............join me for a look at Cuban birthday party foods.......the cakes....the pastries...the drinks.......sandwiches..................we also hope to hear about Marta's mom who is now 102 years old...................

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