Two of the US’s biggest retailers eased concerns of a US recession, reporting resilient consumer spending even though sharp food and fuel inflation are weighing heavily on their customers.
Walmart, the world’s largest retailer, said it had seen glimmers of improvement in recent weeks despite its most price sensitive shoppers trading down to cheaper groceries. Home Depot, the DIY chain, said spending on home improvement had been “incredibly high”, with its business accelerating in recent weeks.
Two profit warnings from Walmart since May had rattled investors who are looking for clues to how US consumers are adapting to historically high inflation and rising interest rates.
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