Paddington

Post 227

A snapshot of what’s going on in the world’s economy.  Financial Ructions and book reviews can be a bit more technical so feel free to skip them.  See disclaimer at the end of this note.

Summary

News

Global smartphone market share according to Statcounter:

  1. Apple: 29%
  2. Samsung: 24%
  3. Xiaomi: 12%

In an FT opinion piece by Sandrine Dixson-Decleve; co-president of the Club of Rome she recommends ways in which developed economies can deal with growing wealth inequality.

UK Inflation Stalling at a Higher Level?

UK Inflation including housing Costs:

Goods:

Services:

UK Inflation Excluding Housing Costs (CPI)

Core inflation excluding food, energy, alcohol and tobacco:

Largest increases:

Largest decliner:

So if you want to drink, smoke, eat, talk or you have health issues (related to the first three) you will be paying more, but it will be cheaper to get there.

More Layoffs 

The WSJ reports that Macy’s is letting go of 3.5% of its staff.

Their latest results showed comparable sales down 7%.

Here is my post from last August:

Consumers Tapped-Out?

Credit card revenue at Macy’s fell 41% vs. last year.

And my post from November 2022 showing Macy’s sales falling, but Bloomingdale’s sales still growing:

Macy’s, which also owns Bloomingdale’s, announced sales that were down 3.9%

PM: Bloomingdales is a luxury department store that started in the lower east side of Manhattan in 1872.

Sales of Macy’s and Bloomingdales were soaring in 2021 as the US was coming out of lockdowns.

4Q/21

1Q/22

2Q/22

3Q/22

4Q/22

1Q/23

2Q/23

3Q/23

Total sales of Macy’s/Bloomingdales:

Even Morer Layoffs

Wayfair announced that they are letting go 1,650 employees.

US: Growing Confidence

The University of Michigan Consumer Sentiment Index:

Electric Vehicle Growth Slowing

Ford announced that it is reducing production of its F-150 Lightning electric truck.

Tell Me Where It Hertz

Hertz is a global car rental company and is based in Estero, Florida.

A brief review of its long ‘history

They recently announced that they are selling one third of their global fleet of electric vehicles or 20,000 cars.

The company is taking this action to:

If you are interested in buying a Hertz car you can do a search on their website ‘here’.

Disclaimer: Note that Paulitical Economy™ should not be considered as investment advice, and I have not verified all of the sources of information.  It is meant for general interest purposes only.  Please consult an advisor if you plan on putting any of your hard-earned capital to work during these turbulent times.

Submit your email to get notifications about new Paulitical Economy™ posts and updates:

Check your inbox or spam folder to confirm your subscription.

Exit mobile version