The retailer’s reported sales for the second quarter of this fiscal year declined 3.3% compared to this time last fiscal year.
Home Depot said Tuesday customers are curtailing their spending habits due to higher interest rates and economic uncertainty .sales for the second quarter of this fiscal year declined 3.3% compared to this time last fiscal year. Its net earnings also shrunk by $100 million, according to the company.
The federal funds rate, which is the target interest rate set by the Federal Reserve, is 5.3%. Federal Reserve Chair Jerome Powell projected two weeks ago that he could lower the rate if inflation continues to fall, but added that “we’re not quite at that point.” Fewer respondents to the poll thought the economy was improving despite a slight decrease in inflation. The consumer price index , which measures inflation, decreased by .1% from March. Since the start of this year, the CPI has declined from 3.1% to 2.9%.
Interest Rates Economic Uncertainty Consumer Spending Earnings Federal Reserve Inflation Sales Decrease
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