From Walmart Stores Inc and Gap Inc to Macy’s Inc and McDonald’s Corp, chains that cater to middle- and lower-income Americans say they are feeling the pinch of an uneven economic recovery, reports Reuters.
A host of retailers have reported tepid sales lately, highlighting the stress that consumers are feeling because of higher payroll taxes, expensive gasoline and a slow job market four years after the US economy started to rebound.
‘Everyone wants to talk about recovery – it’s like the unrecovery,’ Susquehanna Financial Group analyst Bob Summers said following the Walmart results. ‘The demographic that they cater to, not only has it not seen improvement, I would argue that things have gotten worse.’
-With New Age input
