July 7, 2014 / 11:27 PM / 3 years ago

U.S. job rebound not spurring spending, Wal-Mart's Simon says

A man listens to a job interviewer during a screening session for seasonal jobs at Coney Island in the Brooklyn borough of New York March 4, 2014.Shannon Stapleton

BENTONVILLE Arkansas (Reuters) - U.S. employers may be hiring again, but the job market's recovery is not giving ordinary consumers enough confidence to increase their spending, a top Wal-Mart (WMT.N) executive said on Monday.

In an interview with Reuters at the retailer’s headquarters, Bill Simon, the president and chief executive officer of Wal-Mart U.S., said, “It's really hard to see in our business today … that it's gotten any better.”

He added: “We’ve reached a point where it’s not getting any better but it’s not getting any worse – at least for the middle (class) and down."

Last week, the U.S. Labor Department reported that U.S. employment growth jumped in June, and the jobless rate closed in on a six-year low.

The news, which was seen as proof the U.S. economy was finally growing briskly after years of a lackluster recovery, helped send the Dow Jones Industrial Average above 17,000 for the first time ever.

Reporting by James B. Kelleher in Bentonville; Editing by Cynthia Osterman

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below