[applause] thank you and welcome. Thank you for the lovely introduction. It is good to be with gavin today. We have had a conversation through the years and i dont want to give anyone too big of a shock because im sure many of you didnt realize how handsome i am. [laughter] people have been saying to me, did you see him on the show where that . [laughter] the book citizenville is featured on the Stephen Koger show. I am bringing this up for a reason. He said at the time that he needed a translator. And they said he was the only official the knew what the fbi was. You realize that a lot of elected officials really dont understand the digital world. I just did a show about the Obama Administration and i thought that many of the experts who have been working here for many years, many people are calling in are saying that they dont know what they are about, they really dont have a feel. Its one of the biggest challenges. Thank you all very much. I am humbled that so many of you took the ti
Categories, hottovy sees two firms that could thrive our top picks are costco and amazon. We think that they will be key beneficiaries of either a trade out or a trade down among consumers. Reporter next week is a big one for retail earnings. Over a dozen chains will report quarterly numbers, including macys, target, gap, and jcpenney. But its the Sales Outlook for the Current Quarter that investors will focus on. They want to know which stores are seeing a drop in traffic, and whether theyve had to ramp up promotions to boost sales. Erika miller, n. B. R. , new york. Tom while consumers are feeling pinched, the federal government is next to cut back, and that could mean hurry up and wait at the nations airports. The secretary of transportation today warned that cuts at the federal Aviation Administration thanks to the sequester, could translate into an hour and a half wait at security for air travelers next month, and canceled flights. Darren gersh has more on the impact next months p
Companies, from restaurants to retailers. Erika miller reports on how some of these firms are trying to fight back against the pay pinch. Reporter virtually every worker in america is taking home 2 less in pay this year because of higher payroll taxes. Thats not just bad for consumers, its also bad for businesses. Three out of four households are cutting spending to cope with lower pay. For one out of three households, it means eating out less. Consumers are also changing where they dine. We are moving from casual dining, down to fast casual, down to the fast foods. So you are seeing now that move down. Which we didnt see in january, but now that weve gone through the month and weve gotten the paychecks in, youve seen that move down. Reporter but even fast food chains are feeling the pinch. Burger king is lowering prices on some items, and promoting value meals. But higher payroll taxes are only part of whats holding back spending. Prices at the pump are up nearly 0. 50 in a month. We
Together, this cuts into the spending power of consumers, and thats bad news for a host of companies, from restaurants to retailers. Erika miller reports on how some of these firms are trying to fight back against the pay pinch. Reporter virtually every worker in america is taking home 2 less in pay this year because of higher payroll taxes. Thats not just bad for consumers, its also bad for businesses. Three out of four households are cutting spending to cope with lower pay. For one out of three households, it means eating out less. Consumers are also changing where they dine. We are moving from casual dining, down to fast casual, down to the fast foods. So you are seeing now that move down. Which we didnt see in january, but now that weve gone through the month and weve gotten the paychecks in, youve seen that move down. Reporter but even fast food chains are feeling the pinch. Burger king is lowering prices on some items, and promoting value meals. But higher payroll taxes are only
Categories, hottovy sees two firms that could thrive our top picks a costco and amazon. We think that they will be key beneficiaries of either a trade out or a trade down among consumers. Reporter next week is a big one for retail earnings. Over a dozen chains will report quarterly numbers, including macys, target, gap, and jcpenney. But its the Sales Outlook for the Current Quarter that investors will focus on. They want to know which stores are seeing a drop in traffic, and whether theyve had to ramp up promotions to boost sales. Erika miller, n. B. R. , new york. Tom while consumers are feeling pinched, the federal government is next to cut back, and that could mean hurry up and wait at the nations airports. The secretary of transportation today warned that cuts at the federal Aviation Administration thanks to the sequester, could translate into an hour and a half wait at security for air travelers next month, and canceled flights. Darren gersh has more on the impact next months pla