As inflation under Biden ‘bites’ US consumers, former Toys ‘R’ Us CEO makes dire retail prediction

Former Toys ‘R’ Us CEO Gerald Storch and Pulte Capital CEO Bill Pulte discuss inflation’s persistent impact on the U.S. economy one year since the ‘Inflation Reduction Act.’ One year after the Inflation Reduction Act was passed, inflation remains sticky, leaving one industry expert predicting the economy is facing a “very difficult” season. “When that comes this fall, I believe it’s going to be a very difficult holiday season, certainly challenging for most retailers,” former Toys “R” Us CEO Gerald Storch said. On “Cavuto: Coast to Coast” Wednesday, Storch outlined how various reports from retailers indicate a change in consumer behavior.  “Every report we hear from retailers out there is that consumers are stressed, they’re reluctant to buy goods. They are spending money on services still, some of that pandemic revenge, but when you adjust for inflation, sales of physical products are actually down for 11 straight months,” Storch said.  INFLATION ROSE 3.2% IN JULY AS PRICES TICK HIGHER FOR FIRST TIME IN A YEARLast week, the July consumer price index (CPI) rose 0.2% in July from the previous month, in line with estimates. Prices climbed 3.2% from the same time last year, up from 3% i …

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