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Podcast: γ¬γ’γΈγ§γθ±δΌθ©± Daily News Article Podcast
Episode: Best Buy and the reluctant shopper. Sales fall as Americans pull back on spending
Description: Sales and profits at Best Buy slid in the second quarter as the nation's largest consumer electronics chain continues to wrestle with a pullback in spending after Americans splurged during the pandemic.
The decline in sales was smaller than what Wall Street had anticipated, however, and profits were better than expected, sending shares higher in early trading.
The U.S. job market has remained resilient, but Americans are facing higher prices and more expensive credit with the Federal Reserve hiking benchmark interest rates to combat inflation. It's more expensive to take out loans for appliances, cars and houses, or to...