Big companies are saying that our economy activity is down turning
By: Charlie Wang
Recently big retail companies like Amazon, Apple, and Google are getting together and exclaiming that our economic activity is decreasing in a bad way.
Executives say Apple, Google, or any other tech business are exceeding the expectations for profit. But unfortunately, other companies are experiencing some difficulties.
Procter and gamble, a marketplace, have said that increasing the price of the items were suitable for wealthy people, but scaring away lots of lower income people. They also said that this decrease will become more and more serious over the years.
People have noticed that most of consumer markets are the ones in actual danger. Walmart and Best Buy said that they will sit and wait for the report earnings, they said it will be worse than you think. “We’re seeing strong growth,” said Amazon Chief Financial Officer Brian Olsavsky. “But we’re cognizant things could change quickly.”
Consumer stores are also experiencing shocking dips in gross domestic product and bumps in consumer spendings which puts them in a weird spot. People are starting to spend their money which causes inflation. Inflation is starting to rise more to gas and food then electronics and clothing. So, people are tending to buy clothes and electronics because they are cheaper.
The high prices and the inflation are making people take second thoughts on what to spend their money on. “As high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened,” Best Buy chief executive Corie Barry said. The food and the gas prices are also cutting into people buying clothes and electronics.
To be able to keep our economy in balance consumer markets and shops report every 4 times a year on how much they make. This way it provides helpful peeks into the future on our economy and us.