Target CEO Brian Cornell says shoppers are pulling back, even on groceries, as they feel stressed about their budgets.
In an interview with CNBC’s Becky Quick that aired Thursday morning, he emphasized that the retailer has posted seven consecutive quarters of declining sales of discretionary items, such as apparel and toys, in terms of both dollars and units.
“But even in food and beverage categories, over the last few quarters, the units, the number of items they’re buying, has been declining,” he said in the interview.
Did you even read the article? The gap between inflation and wage increase is closing, but inflation is still higher.
And that’s irrelevant because we have 25 years of decreasing wages to make up for.
Looks like you didn’t read the article:
Yes. You’re still not getting it though.
The rate in which pay is increasing is higher than the rate at which inflation is increasing. That is correct. But if you look at the numbers, total inflation in 2023 is still higher then total pay increase in 2023.
You are conflating a rate increase with a total increase. That is not accurate.
From the article:
“Pay is beginning to catch up in the race, and since May, has been rising faster than inflation after losing ground for more than two years.”
Basically what they are saying is that it’s behind overall, because it lagged so much due to COVID, but that salary growth is actually faster than inflation right now.