The “stretched” consumerBetter than expected quarterly earnings have helped propel the S&P 500 to within a whisker of a record high on Friday.
But Wall Street and Washington are closely monitoring another worrying economic indicator: the struggling consumer.
The split-screen view of the economy is becoming clearer as earnings season draws to a close.
Mass-market brands, like the fast-food companies McDonald’s, KFC and Starbucks, have reported that a lot of customers are pulling back on spending as high inflation bites.
This is “an economy of the haves and have-nots,” Michael Reid, an economist for RBC Capital Markets, told DealBook.
Persons:
Biden, ” Michael Reid, DealBook
Organizations:
KFC, Starbucks, RBC Capital Markets
Locations:
Washington