ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
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"On Tuesday, Walgreens Boots Alliance Inc. shares plunged to the lowest in a decade after it reported "a more cautious and value-driven consumer."
Goldman's Rich Privorosky told clients, "Something is not quite adding up on the consumer" and asked, "Have we just run out of excess savings and are we returning to replenishing savings?"
In a note to clients earlier this month, Privorosky pointed to three excerpts from recent corporate transcripts (from Target, Walmart, and Costco) revealing consumers buckling under financial stress. So add General Mills and Walgreens to the ever-expanding list.
On Wednesday, Goldman told clients that General Mills is a "bellwether in food staples."
The consumer's health is cracking after more than two years of negative real wage growth, soaring credit card debt, depleted personal savings, and the highest interest rates in a generation. "