Wall Street Today | US labor market to show emerging dichotomy of tightness, risks
MACRO
Fed Hiking Pace From September Hinges on Inflation, Mester Says
"If by the September FOMC meeting, the monthly readings on inflation provide compelling evidence that inflation is moving down, then the pace of rate increases could slow," Mester said Thursday. "But if inflation has failed to moderate, then a faster pace of rate increases could be necessary," she told a virtual event hosted Philadelphia Council for Business Economics, according to her prepared remarks.
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US Labor Market to Show Emerging Dichotomy of Tightness, Risks
The likely moderation of US job growth in coming months will reflect a combination of hiring challenges in a remarkably tight labor market, shifts in spending patterns and outright soft spots within a handful of industries.
Some sectors, like travel and entertainment, are expected to make up a large share of aggregate payrolls growth as Americans allocate more of their discretionary income to services. But Federal Reserve interest-rate hikes, recession concerns and tighter financial conditions suggest an eventual hiring slowdown in some of the industries that experienced the sharpest job growth over the last two years.
Goldman' Waldron Warns of Unprecedented Economic Shocks, Echoing Dimon
A top $Goldman Sachs (GS.US)$ executive echoed Jamie Dimon' pessimistic tone, warning of tougher times ahead amid a string of shocks rattling the global economy.
"This is among -- if not the most -- complex, dynamic environments I've ever seen in my career," Goldman President John Waldron said at an investor conference Thursday. "The confluence of the number of shocks to the system to me is unprecedented."
SECTORS
US East Coast Fuel Crisis Deepens Ahead of Peak Season
The supply crisis on the East Coast is growing worse, raising the specter of fuel rationing just as the US enters what is typically the heaviest time of year for consumption.
East Coast distillates stockpiles, comprised of diesel and heating oil, drained to a new low in records going back to 1990, according to weekly data from the Energy Information Administration. Gasoline inventories in the New York-region fell to their lowest level for this time of year in records going back to 1993.
COMPANIES
Apple to Improve Working Hours for Retail Staff After Union Push
$Apple (AAPL.US)$ has agreed to make work schedules at its retail stores more flexible, according to employees with knowledge of the plans, part of a push to improve conditions in the face of unionization efforts.
The company informed staff at some stores that scheduling changes will take effect in the coming months, according to the workers, who asked to not to be identified because the plans aren't public. Some retail employees have voiced their frustrations with managers and labor groups about their schedules, and Apple's retail chief recently signaled that changes could be coming.
Lululemon Q1 Revenue and EPS Beat, North America Sales Up 32%
$Lululemon Athletica (LULU.US)$ reported first-quarter revenue of $1.61 billion, up 32%yoy and ahead of the $1.53 billion consensus estimate. The company saw comparable-store sales increase by 28% from the prior-year quarter. Direct to consumer revenue was up 32% year-over-year and made up 4% of total revenue in the first quarter. Lululemon bought back 0.7 million shares of its stock in the quarter for $232.6 million at an average price of $328.40.
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Walmart is Using Its Thousands of Stores to Battle Amazon for E-commerce Market Share
$Walmart (WMT.US)$ is leaning into two key advantages to drive its e-commerce business: its roughly 4,700 stores across the United States and its dominance in the grocery business. Ninety percent of Americans live within 10 miles of a Walmart store. The company is the largest grocer in the U.S. by revenue. Walmart wants to expand its assortment of merchandise, improve the customer experience and increase the density of delivery routes to turn e-commerce into a bigger business.
Ford to Create Thousands of Factory Jobs, Invest $3.7 Billion in EV, Gas-Engine Production
$Ford Motor (F.US)$ plans to add 6,200 union manufacturing jobs and invest $3.7 billion into plants in Michigan, Ohio and Missouri, as it looks to expand vehicle production and prepare for coming labor talks.
The multibillion-dollar investment will go to retooling factories to build newer versions of gas-engine models, such as the Ford Ranger pickup and Mustang sports car, the automaker said Thursday.
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Source: Bloomberg, CNBC
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RDK79 : Lululemon customers so far aren’t balking at higher prices on the retailer’s leggings and sports bras, Chief Executive Officer Calvin McDonald said Thursday.
The athletic apparel maker reported fiscal-first quarter profit and revenue that outpaced Wall Street’s expectations, boosted by double-digit growth online and in the retailer’s still nascent men’s division.
It also raised its financial outlook for fiscal 2022, expecting the momentum in its business to continue in spite of broader economic headwinds, including red hot inflation and the snarled supply chain.
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