The last time this happened, voters didn’t credit Bill Clinton. That may be a bad omen, or a good one.
If the stock market chose presidents, Joe Biden would be a shoo-in for reelection in 2024. The market rallied this month amid growing optimism about the economy, with the S&P 500 zooming 1.9 percent Tuesday on news that the consumer price index rose only 3.2 percent in October (compared to 3.7 percent in September). Stocks rallied again Wednesday on news that the producer price index fell 0.5 percent. Commentators are no longer debating whether the economy will experience a “soft landing” (i.e., a reduction in inflation without recession). The only question now is when it will arrive. The S&P 500 seems to have decided it’s already here.
But the stock market doesn’t choose presidents. Voters do, and polls continue to show they think the economy is in terrible shape. A Financial Times–Michigan Ross Nationwide Survey conducted November 2–7 is absolutely brutal on this point.
Revenue is not profit. You’re quoting revenue to make the situation look more extreme than it is. That number is not profit. You’re also cherrypicking a top performer instead of looking at industry trends. Publix, in my experience (only visit the south, don’t live there), is a higher end store.
Kroger lost money this quarter. Profit was negative.
It’s also not so straightforward for a number of reasons. Grocery consolidation is way up, so operating revenues go up because there are more stores in each brand’s portfolio. You’re also looking at an industry heavily impacted by the pandemic (certain chains like Walmart and Amazon saw more grocery growth during the pandemic for obvious reasons)