Wal-Mart's warning to the world [View all]
Wed, Jul 9, 2014,
Wal-Mart's warning to the world
by Lawrence Lewitinn
The official unemployment rate is down. But, if you think that means more money in the hands of consumers to spend at stores such as Wal-Mart, guess again.
Wal-Mart U.S. CEO Bill Simon has remarked in interviews thatthe discount retailer isnt seeing the gains in employment trickling down to the chains cash registers. Simon said to CNBC:
I think the economic numbers the unemployment numbers in particular have been difficult to read with the number of people dropping out of the workforce. And I think its going to take a while six months or more for the numbers to balance out
. Hopefully after six years, we're starting to gain a little bit of traction and that traction is coming at the top end. I think the middle and down is still pretty challenged.
http://finance.yahoo.com/blogs/talking-numbers/wal-mart-s-warning-to-the-world-180944134.html