1/15/2023, 11:30 PM (Source: TeleTrader)
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Chart for: Macy's Inc

Macy's CEO 'cautious' on consumer spending

Macy's CEO Jeff Gennette (pictured) expressed Sunday he is "cautious" about consumer spending in the US while commenting on the country's latest economic data.

According to Gennette, looking at overall credit card data, customers are building up balances on Macy's stores and co-branded cards. In addition, the company has also observed an increase in delinquencies. This shows that "the consumer is under pressure," Gennette said during NRF 2023: Retail's Big Show in New York City.

The US Labor Department said last week that inflation declined to 6.5% in December on a year-over-year basis. It was the lowest annual inflation rate since October 2021 and the lowest monthly rate since April 2020. However, Gennette added that although inflation is slowing, it is still painfully high.

Baha Breaking News (BBN) / JG