Walmart CEO Doug McMillan had some messages during the company’s Tuesday earnings call that were unrelated to the company’s quarterly results. Among them was Macmillan’s idea that it is “mandatory” for elected officials to work together to pass more incentive funds.
He also congratulated Joe Biden on his victory, joining his growing list of corporate leaders who have accepted the outcome of the November 3 presidential election as President Donald Trump declined. Other Fortune 500 CEOs, including Amazon CEO Jeff Bezos and Goldman Sachs CEO David Solomon, have offered their congratulations to Mr. Biden, though some have publicly addressed Mr. Trump’s refusal to accept his electoral losses. .
“I want to wrap up President-elect Biden by saying congratulations,” McMillan said at the end of his remarks with Wall Street analysts on Tuesday morning. “We look forward to working with both the administration and Congress houses to move the country forward.”
Macmillan also focused its attention on encouraging funding, noting that small businesses are under more pressure as more restrictions are imposed in states from east to west due to increased cases of coronovirus. Already, there are signs that consumers may pull back on spending as the rise in COVID-19 cases snapped their confidence in an economic rebound, with fresh stimulus from Washington, DC added to the spending shortfall
Walmart, as the largest US private employer with 1.2 million workers here, relies on consumers continuing to open their wallets. A hit for small businesses – which have fewer resources than corporate giants like Walmart, which could affect many of Walmart’s customers, given that small businesses employ about half of the nation’s workforce and often like Walmart Work as suppliers and vendors for big sellers.
“The increase in cases will put more pressure on small businesses that have been greatly affected by the epidemic,” McMillan said. “As various governments across the country tighten to help keep people healthy, it will be imperative that elected officials in Washington work together to provide help so that many businesses can get through this next phase of the epidemic Be required. “
According to Oxford Economics senior US economist James Watson, retail sales in the US moved toward a “close halt” in October, according to data from the US Department of Commerce released on Tuesday.
“Consumers closed their purses as a chill before declining, with retail sales barely increasing in October,” Watson said in the research note. “This reading is one of the first signs that spending is bound to struggle due to a lack of income support and a surge in virus cases across America”
Economists have credited passing stimulus packages earlier this year, such as the Coronavirus AIDS, Relief and Economic Security Act (or CARES Act), which support families struggling with job losses and income reductions. The CARES Act also provided funding for businesses through a paycheck protection program. But more money from the CARES Act has either been spent or will expire next month.