Costco CEO Craig Jelinek has warned that although the middle class is doing OK financially, people with less discretionary spending are having a difficult time in the current economy.
In a July 11 interview for CNBC’s “Squawk on the Street” program, Jelinek said that while overall “the consumer is not doing bad,” and the unemployment rate is down significantly, many are struggling with sky-high gas prices and the cost of living steadily rising.
“For a lot of people, right now, they are in a recession because they’re just trying to survive with just buying gas and making their house payments, rent payments,” Jelinek said….