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From Fortune Magazine website...I really thought this was one of the best articles on current economic conditons I've read in a long time. It gets to the heart of what makes our economy tick without getting into deep discussion of graphics and derivatives.
Why Wal-Mart's sales should have everyone worried
"(Fortune) -- It certainly looks like happy days are here again. Many of the nation's biggest retailers, including Saks, Hewlett-Packard, Home Depot, and Target have released cheery sales reports. April's jobs reports showing a slight increase in the workweek and pay for workers, and more hiring across the board.
And then there is Wal-Mart, whose happy yellow face switched to a grimace when it released first quarter sales on Tuesday. Although international growth helped push revenues up 6%, sales at U.S. stores fell 1.4% from the same period last year. And the company had no one to blame but its shoppers. "More than ever, our customers are living paycheck to paycheck," said Tom Schoewe, the chief financial officer.
So who are you supposed to believe? In this case, Bentonville. When Wal-Mart (WMT, Fortune 500), an economic bellwether, notes that customers can't afford the gas to get to the stores and that they're increasingly using food stamps when they get there, things are bad."
__________________ "No one walking this earth knows what is truly righteous"
Last edited by PatriotsReign; 05-20-2010 at 08:27 AM..
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