Consumer Cos Down Amid Mortgage Rate Fears -- Consumer Roundup

09/21/2022 | 05:04pm

Retailers and other consumer companies fell as Treasury yields rose sharply, threatening to push mortgage rates higher.

Rising mortgage costs have already slowed the U.S. housing market: used-home sales fell 0.4% in August from July to a seasonally adjusted annual rate of 4.8 million, the weakest rate since May 2020, the National Association of Realtors said.

The median existing-home price fell month-over-month for the second straight month after reaching a record high of $413,800 in June, in what economists said was a steeper increment than could be attributed to seasonality.

Coty expects to double sales of its skin care products in coming years, a goal the beauty company has kicked off by homing in on consumers in China.

Food processor General Mills posted higher sales in its fiscal first-quarter as more consumers eat at home in response to higher prices, including from the food company, as costs escalate further.

Walmart plans to hire a relatively modest 40,000 additional seasonal workers for the busy holiday period.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

09-21-22 1703ET

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