after the electronics retailer hiked the output and beat earnings expectations. hughlett packard announcing plans to layoff 6,000 workers. that is the latest tech company to significantly downsize staff as the economy in general. sales are tumbling more than 11%. facebook parent meta recently said it was cutting 11,000 jobs. amazon confirmed last week widespread layoffs have already started. tech sector continuing to be hit very hard. are you looking for the best black friday deals? they are already here so let s bring in cnn business reporter nathaniel myerson. where do we go for the best deals? you think back to last year. there weren t that many good
interest rate hikes from the fed to cool the economy. retail sales rose 1.3% in october from september. sales increased on everything from automobiles, furniture, food services despite sky high inflation. jobless claims due out later today. we ll get a read on how the job market is doing. now $3.73 a gallon. let s bring in nathaniel myerson. walmart really blew away wall street with its quarter but what happened to target? right. walmart yesterday reported excuse me, tuesday reported strong numbers. sales grew 8.2% last quarter from a year ago. walmart sells mostly groceries and that is what lower and middle income shoppers are buying and they re pulling back on discretionary items. meanwhile, target sells fewer groceries, mostly discretionary products, like home furniture, apparel, toys, electronics and
facebook, they re laying off employees. that s a reflection of that. and stores are roaring back. people want to get in there. they want to try on new clothing. maybe they gained a size or two during the pandemic. i know my waistline grew. had to try on some new new jeans for nathaniel! no, you look great. so we see people want the experience of going into the store. they re fatigued with online shopping. as the ceo of the largest mall opener in the country said, don t underestimate physical retail. physical retail is where the action is rate now. he s correct. let s talk about thanksgiving. there are ways we know that the dinner is going to cost 20% more. there are ways to lower the bill? right. so people right now are very anxious about high prices for thanksgiving but major stores are offering big deals. walmart s removing inflation going back to last year s thanksgiving meal prices. okay.
weekend in november. you re probably seeing the holiday displays and ads already. it s the most wonderful time of the year. let s bring in cnn business reporter nathaniel myerson. what are retailers saying? it s going to be a challenging holiday season for retailers. this is the most important stretch of the year for the companies. if they don t do well, sometimes they can t survive into next year. analysts are projecting slower growth this year. the national retail federation put out an estimate yesterday that sales will grow 6 to 8% this year. that s down from 13% we saw last year. wow. that s being driven by lower income shoppers and middle income shoppers who have less money in their pocket due to inflation. sales will grow but they won t grow as briskly as they did during the pandemic or height of the pandemic. what does it mean for seasonal retail jobs? it s crucial for hundreds of thousands of americans.
$1.2 million. i guess while you re dreaming of how you would spend all of that money, don t forget investing for retirement, not buying your lottery ticket is the better bet with the best odds especially when the stock markets are down, by the way. picking up stocks on sale. a look in at markets on sale. gains in asia. europe has opened sharply higher on wall street. a good move to the morning. welcome to november. after a monster october comeback on wall street, the dow rallied 14% for the month. the best month since 1976. tech lagged a little bit. still up on the month. the big event the federal reserve s two-day meeting set to kick off. gas prices held steady $3.76 a gallon. now that halloween is over we can talk turkey. yes, inflation means your thanksgiving bird will be more expensive this year. that s not the only reason. cnn s nathaniel myerson is here. what s going on with turkey prices? all the signs are pointing to