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By Staff Reporters
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Procter & Gamble (PG) warned hat consumers were beginning to pull back on their spending as inflation concerns mount. P&G posted 7% sales growth during its most recent quarter ending June 30, its strongest growth in years. The company was able to push through higher prices on consumers. But its sales volumes declined 1% last quarter, a sign consumers were dialing back.The company forecast sales growth of between 3% and 5% for its upcoming fiscal year, down from 7% during its latest fiscal year. On a call with analysts Friday, P&G leaders said that while consumers are still buying household necessities, they are beginning to alter their purchasing behavior. For example, consumers are not stocking up their pantries as much as they were early in the pandemic, and they’re buying more private-label brands, particularly in paper goods. As shoppers are “more exposed to inflation broadly in the marketplace with the highest inflation in 40 years, it’d be naive to assume the consumer is not looking at their cash outlay,” P&G finance chief Andre Schulten told analysts. P&G’s stock fell 5% during midday trading.
The S&P 500 was up 1.3% as of 2:18 p.m. Eastern, while the NASDAQ was up 1.6%. Both indexes are on pace to end July with the biggest gains since November 2020. The Dow Jones Industrial Average was up 0.8%. Positive earnings news from Apple and Amazon, as well as oil giants Exxon and Chevron, helped put traders in a buying mood.
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- The average rate on the popular 30-year fixed home mortgage fell to 5.22% from 5.54%. “This is an exceptionally fast drop!” wrote Matthew Graham of Mortgage News Daily. The rate fell even further today to 5.13%. The slide in mortgage rates came after a negative GDP report and the Fed’s latest interest rate hike.
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Filed under: Alerts Sign-Up, Glossary Terms, Health Economics, Healthcare Finance, Investing, LifeStyle | Tagged: home mortgage rates, mortgage rates, mortgages, NASDAQ, P&G, Procter & Gamble, S&P 500, stocks | Leave a comment »
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