Wal-Mart CEO sees U.S. job market improvement

[54anickel]

Oh ya, like this should make us feel real upbeat.
:eyes:

http://www.forbes.com/markets/newswire/2004/02/19/rtr1267933.html

CHICAGO, Feb 19 (Reuters) - Democrats may be pummeling U.S. President George W. Bush over job losses, but the chief executive of the world's largest company, Wal-Mart Stores Inc., said on Thursday the jobs situation could soon improve.

"I'm encouraged about consumer spending, particularly driven by the higher tax refund and, eventually, from improvements in the job picture," Wal-Mart (nyse: WMT - news - people) Chief Executive Lee Scott said on a recorded message on Thursday, detailing the retailer's earnings performance.

Just three months ago, Scott gave a somber assessment of the U.S. economy and said consumer spending was not as robust as many analysts had hoped. He had pointed to a weak job market as one of the biggest obstacles to Wal-Mart's sales growth.

On Thursday, Scott said he was more optimistic about the coming year than he has been in a long time.

more...

edit for link

[prodigal_green]

1. I wouldn't use Wal Mart as an indicator

It just means more people can't afford to shop anywhere else.

[Skidmore]

2. And that more jobs are being created overseas since

most of WallyWorld's products are imports.

[snippy]

15. There definitely is a counter-cyclical element to Walmart's business.

But the CEO knows this too so his optimism about Walmart's prospects may be justified. There probably is no company in the world that knows more about its customers' spending behavior than Walmart. They data mine every transaction and have for years.

[GodHelpUsAll2]

3. Since when

did the CEO of Wal Mart become an economic expert? Oh yeah, since most of the money that use to go to the small business people that are now out on their butts, that's how.

[joeunderdog]

11. no shit.

"Improvement" in the job situation in Walmart means people will work for less. When we start looking to Walmart for advice on the job market, I'll know that slavery will be re-named and be considered economically viable for American businesses again. That's where it's going.

[arcane1]

4. all the unemployed people getting WalMart jobs now

that really gives me a rosy glow...


no wait, it gives me something else: :puke:

[eeyore]

5. Just Plain Wrong

An increase in consumer spending at WalMart means just the opposite. If more people are shopping there it's because they are trying to stretch their incomes (or lack thereof) as far as possible. No one in their right mind shops at that hellhole because they actually like it.

Shopping at WalMart is like being a fly struggling for greater access to the festering dungheap.

On a positive note, Sam Walton's grandson Sam is apparently quite the environmental philanthropist, and by many accounts a really great guy. Good to see someone trying to use their inherited fortune for the greater good.

[willat]

6. Does the CEO of WalMart Know anything about business?

I'm sure he got that job as a favor or something. Just because the economy is growing and unemployment is so low, it doesn't mean the economy is okay. Besides, we still had 9/11!

[Fargin Ice Hole]

7. Actually, I wouldn't dicredit his business sense........

Unfortunatly it is the shining example of where democracy is heading us... Local and small business gone, Huge percentages of the workforce working for low wages and poor benefits,, No real labor representation and boom Insta-Slave just add water..........

[arcane1]

10. just add over-priced, dirty, "privatized" water..

:grr:

[private_ryan]

8. well

many people have given up job seacrhes but generally the employement and economy numbers are an indication.

You can't go house to house and check. We had plenty of poor people even under the Clinton 90's and will always have them.

[jayfish]

9. Uhhh... What Larger Tax Refund Is He Referring To?

Anyone who got the increased exemption ($400/child) for children already received their advance last summer. Anyone who got more than that probably doesn't shop at Wal-Mart.

Jay

[snippy]

14. He is correct about tax refunds being larger.

This is because the changes to the marginal rates were made effective as of January 1, 2003 but the new withholding tables based on those rates did not go into effect until sometime in July. However, since the bulk of the marginal rate tax cuts affect people with higher incomes I doubt that Walmart will benefit that much from the larger tax refunds.

[54anickel]

17. Yep, my refund was up 400, but my property tax went up 1200 and I lost

my job in October. Oh yah, I'm a whole lot better off this year. NOT.

[cosmicdot]

12. maybe he's courting Snow's job at Treasury

another genius at work

or the Peter Principle at play

[Claire Beth]

13. who wants to be the next door greeter?

I trust walmart about like I do the dipwad administration.

[ignatius]

16. I personally have been practicing my "do you want your fries

supersized?"question.

Bush and Cheney in 04..a Mcjob for every Mcperson

[Red State Rebel]

18. Our business just had the best January I think we've ever had....

To me that is very hopeful because since 9/11 we have really slowed down. We have a heating and air conditioning business and things are breaking loose finally.

[54anickel]

19. I would have thought you'd be booming with the housing market?