US execs sound a note of caution even as earnings outstrip estimates

The companies that produce goods at the heart of the US consumer economy – SUVs, washing machines, heavy equipment, and hamburgers – kept rolling along at the end of 2022.

Bellwethers including McDonald’s, Exxon Mobil, appliance maker Whirlpool, and delivery giant United Parcel Service posted results that exceeded estimates. GM is not alone. Exxon also said it would cut spending even after reporting a record $56-billion profit in 2022, and UPS exceeded estimates due in part to reducing expenses.However, the hundreds of thousands of technology job layoffs announced by Microsoft, Intel, and others are not being mirrored in the rest of the economy. That is a good sign for the broader economy, according to Lori Calvasina, equity analyst at RBC Capital Markets.

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