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US job rebound not spurring spending, Wal-Mart exec says

Published on Jul 8, 2014 9:40 AM
 
Bill Simon, CEO of Walmart US, speaks at a the Walmart U.S. associates meeting in Fayetteville, Arkansas on June 4, 2014. United States employers may be hiring again, but the job market recovery is not giving ordinary consumers enough confidence to increase their spending, a top Wal-Mart executive said on Monday. -- PHOTO: REUTERS

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

In an interview with Reuters, Bill Simon, the president and chief executive officer of Wal-Mart US, said the improving employment picture had so far failed to raise cash register receipts at the retailer's US stores.

"It's really hard to see in our business today that it's gotten any better," he said. "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 US Labor Department reported that US employment growth jumped in June, and the jobless rate closed in on a six-year low.

 
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