In a confluence of events, evidence the American economy is recovering has arrived. Optimism has returned, ever so slowly, but steadily.
Americans are rebelling against COVID tyranny and the numbers are showing in economic reports. Businesses are opening, no matter what the Democrat autocrats-in-training say.
As the stock market hits near-term highs since the March lows, Walmart blew away estimates this morning, and said it has hired 250k workers during the pandemic.
There are COVID winners and losers. Walmart is a winner.
The company beat sales estimates with its e-commerce sales jumping 74% in the first quarter and same-store sales growing 10%.
In an interview with CNBC, Walmart CFO Brett Biggs said “it felt like several different quarters within a quarter, particularly in U.S.” He said the retailer saw a stockpiling surge in March, with a 300% peak in pickup and delivery, reported CNBC.
But Biggs said April “started slow, particularly in general merchandise.” He said it picked up again in mid-April, after customers received stimulus money.
“The second quarter has started off pretty well as we continue to see the stimulus money come in for consumers,” he added.
Many analysts believe the stock market's rapid recovery is only due to stimulus from the Federal Reserve. There is much truth to that, but markets look forward, and they are definitely seeing a resilient America bouncing back in the face of the Chinese coronavirus contagion.
Housing data released this morning bounced along record lows.
Building Permits (MoM) (Mar) printed at 1.074M vs 1.0M consensus estimate.
Housing Starts (MoM) (Apr) printed at 0.891M vs 0.927M estimate.
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