The Takeaways From Today's Retail Earnings

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Aug. 14 (Bloomberg) -- Bloomberg’s Poonam Goyal discusses the outlook for U.S. retailers with Matt Miller on "Street Smart.” (Source: Bloomberg)

And jcpenney came out after the bell.

Bloomberg industries senior retail analyst joins me now.

We've been hearing fairly negative things about retail.

What do you make of jcpenney and nordstrom earnings?

I think the morning was very different than the afternoon.

Nordstrom and jcpenney both of the -- upbeat on guidance, which is a nice change.

Nordstrom takes sales guidance up, and it's a pretty big deal.

I think that just shows confidence on the backpack run these retailers.

I think of nordstrom as a more upmarket, more expensive place to shop.

Clearly it is.

Does that tell you something about the consumer?

The upmarket consumer has more funds to spend.

We heard that yesterday.

You expect the hiring consumer to continue to spend, given where alan sheets are.

The walmart consumer, the kohl's consumer, i think they are just not spending as much, so not making as many consolidating trips as they would in the past.

Is this a trend you think will continue?

Unemployment, which sounds very low at 6% and change, and an outlook from consumers that is actually positive, at least on the employment front -- are they going to start spending money, eventually, or is this maybe a generation that is not going to do that anymore?

They are just choosing wisely where they spend their funds.

They are shopping at outlets, and they are also shopping online.

Really strong online numbers, so it is just a different channel that they choose to shop at.

A lot of people have been saying that people who went through the great depression, even when they came back afterwards to prosperity, they still ate everything on their plates and did not make excessive purchases.

I think excessive purchases made becoming down a little, but that is not to say that consumers are not spending any.

You can see the lower income consumers buying higher ticket items like iphones, and those are the purchases related to t-shirts and jeans.

And they are buying cars, of course, but they are getting much easier credit than in the past.

Not as easy as prior to the recession.

Those were the glory days, weren't they?

I much prefer leveraging to deleveraging.

It's a lot more fun.

Thanks for joining us.

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