Joe Biden is flitting about the country — with his compliant media in tow — claiming that the economy is doing great. However, Walmart has published its own economic data showing that the economy is not doing well.
Walmart CEO Doug McMillon warns that the economy is far softer than expected. Understand The trends in October were so bad it made them “pause and rethink the consumer’s health.
JUST IN: Walmart, $WMT, falls 8% as CFO says October trends have made them "pause and rethink the health of the consumer."
More specifically, Walmart said they saw a sharp falloff in sales during the last 2 weeks of October.
Management said there is still strain on the consumer… pic.twitter.com/hYdbA2VF8X
— The Kobeissi Letter (@KobeissiLetter) November 16, 2023
Financial advisers at the Kobeissi Letter warned that this is nothing unusual.
“Comments like these are reminders that many consumers are struggling. As household excess savings are depleted, consumers increasingly rely on debt,” they added. “Inflation is still a major issue for consumers,” they said.
Joe Biden’s claims that his Bidenomics is “working” lie. Walmart is the largest store chain in the country. Generally, their sales are an indicator of the economy. W
We have still not seen the worst of Bidenomics.
Cross-posted with iPatriot