Was Macy's the latest victim of the strong labor market? That doesn't make sense, of course, and now the government data has been revised massively lower to better align what really happened last year with where we are this year. The new figures show not just one-third fewer jobs gained, more importantly what that does the rate of change in the rate of change (2nd derivative). It ends up in Macy's sales forecast.
Eurodollar University's Money & Macro Analysis
CNBC Macy’s cuts sales forecast as department stores struggle to draw shoppers
https://www.cnbc.com/2024/08/21/macys-m-q2-2024-earnings.html
Macy's Quarterly Results
https://www.macysinc.com/newsroom/news/news-details/2024/Macys-Inc.-Reports-Second-Quarter-2024-Results/default.aspx
BLS QCEW Home
https://www.bls.gov/cew/
BLS QCEW CES Preliminary Benchmark Announcement
https://www.bls.gov/web/empsit/cesprelbmk.htm
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What is Eurodollar University?
Jeff Snider will guide you through the realm of monetary science. Multiple episodes uploaded each week, discussing big news and key current events, the state of markets and what they are telling you, as well as historical summaries and deep background material so that you can understand what’s really going on in this eurodollar’s world.