Try "depressed":
Wal-Mart Stores Inc.’s latest struggles to revive U.S. sales, following a disappointing Commerce Department report earlier this week, add to evidence that the economy isn’t recovering as quickly as expected.
It isn't "recovering" at all, bleepheels. You'd think that after almost six years of an "economy that isn't recovering as quickly as expected," you'd finally figure out that it is simply not recovering, and is in fact stone-cold comatose, if not actively moribund. What, Barack Obama's (heh) white-knuckled hands around its neck wasn't a clue?
The company posted stagnant same-store sales in its second-quarter earnings report, marking the sixth straight period of no growth. The world’s largest retailer also cut its earnings forecast for the year, citing higher spending on health care and e-commerce. [emphasis added]
Just so.
The sluggish results followed disappointing earnings from Target Corp. and Macy’s Inc. this month, signaling that a broad swath of retailers are struggling. The Commerce Department’s report on July retail sales was the weakest in six months, hurt by tepid wage growth. While some of Wal-Mart’s woes reflect a shift away from big-box retailers, many consumers appear to be simply keeping their wallets shut.
So much for "Recovery Summer VI"!
“It’s difficult out there,” said Brian Yarbrough, an analyst at Edward Jones in St. Louis. “I just don’t know where consumers are shopping these days.”
Try Goodwill or St. Vincent De Paul, Brian. Or Grocery Outlet, perhaps. Or even consider the possibility that consumers aren't shopping at all. Being permanently out of work and, or eventually, broke will have that effect on consumer confidence.
My friends, here's the bottom line: If Americans can no longer afford Wal*Mart, what do you think the state of the U.S. economy really is?
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