America’s economy may still be growing, but beneath the headline numbers, some of the country’s biggest companies and financial institutions are seeing a troubling sign.
Take Walmart. Few companies have a better window into the American consumer, with more than 150 million (1) U.S. customers visiting its stores and websites each week. So, when its executives notice shoppers changing their behavior, it’s worth paying attention.
Walmart CEO John Furner recently identified one particular source of pressure.
“That’s really the stress point, is the price of fuel,” Furner said (2), adding, “Hopefully, we see some relief on energy prices.”
Walmart CFO John David Rainey has pointed to an even more tangible sign of the squeeze: Customers were filling their gas tanks with fewer than 10 gallons per visit on average.
“That’s an indication of stress,” Rainey said (3).