Article originally appeared on www.dailywire.com.
The Home Depot issued a warning about the direction of the U.S. economy as consumers pulled back spending at the home improvement store during the second quarter of fiscal year 2024.
The company said its sales decreased by 3.6% during the second quarter and it expects sales overall for the year to drop 3-4% compared to last year.
“During the quarter, higher interest rates and greater macro-economic uncertainty pressured consumer demand more broadly, resulting in weaker spend across home improvement projects,” said Ted Decker, chair, president and CEO. “However, the team continued to navigate this unique environment while executing at a high level.”
CNN noted that consumer spending at Home Depot is considered a bellwether of consumers’ moods about the economy and the housing market in general, as its business is closely tied to the housing market.
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