Changing demographics: Shares of Dollar General jumped nearly 16% on Tuesday after the discounter raised its outlook, saying it drew more middle- and higher-income shoppers amid fears that higher tariffs would hurt consumer spending. The Tennessee-based retailer beat quarterly expectations for revenue and earnings, and now anticipates net sales will grow about 3.7% to 4.7%. Read more from CNBC.Â
May numbers: U.S. private employers added the fewest number of workers in more than two years in May, but experts warn the data is probably not a true reflection of the labor market, which is gradually easing amid economic uncertainty over the Trump administration’s tariffs. Private payrolls increased by only 37,000 jobs last month, the smallest gain since March 2023, after a downwardly revised rise of 60,000 in April. Read more from Reuters.Â
Now in effect: U.S. President Donald Trump hiked nearly all of his tariffs on steel and aluminum imports to 50% on Wednesday in a move that’s set to hammer businesses from automakers to homebuilders, and likely push up prices for consumers even further. Foreign-made steel and aluminum is used in household products like soup cans and paper clips, as well as big-ticket items like stainless-steel refrigerators and cars. Economists warn that such heightened levies could significantly squeeze the wallets of both companies and shoppers alike. Read more from The Associated Press.Â
