Corporations On the Front Lines of the Economy Say Cracks Are Forming

Corporations On the Front Lines of the Economy Say Cracks Are Forming

In recent days, executives from the biggest tech, retail and consumer products companies all attempted to address questions about the state of the economy, which has teetered on the brink of a recession.

It’s complicated.

In Silicon Valley, profits at tech companies like Google and Apple generally beat expectations, but executives said there are signs of some niche slowing in consumer spending. Consumer products giant Procter & Gamble said it is expecting a tougher 2023, although it’s still raising prices. Mastercard said spending was steady among the wealthy, but slowing among lower-income customers.

Meanwhile, both Walmart and Best Buy warned that when they report earnings in August, it will be worse than expected — in large part because of changes in consumer habits.

“We’re seeing strong growth,” said Amazon Chief Financial Officer Brian Olsavsky. “But we’re cognizant things could change quickly.”

Four times a year, the biggest publicly traded companies report how much money they’re making — or losing, in addition to future outlooks. Those reports provide helpful snapshots of how consumers are spending, a key metric for predicting economic performance.

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Source: MSN

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