Walmart said on Thursday that its sales are at their strongest level in more than a decade.
That’s a hugely significant economic indicator, as more than 40 percent of the nation’s population walks through the retail giant’s doors at least once a week.
And it’s not just Walmart that is seeing big boosts in sales and profits, according to CNBC.
“Major U.S. companies, including Walmart and Cisco, are confirming the positive macro data by posting their best financial results in many years. The reports indicate broad-based strength in the domestic economy,” the business cable news network reported late Thursday.
Walmart said its same-store sales growth during the second quarter of 2018 was the highest it’s seen in more than a decade, with digital sales also up 40 percent for the period.
The price of Walmart shares on Wall Street zoomed 9 percent higher as a result.
Similarly, tech giant Cisco’s share were up 3 percent, thanks to stronger than expected earnings during the company’s fiscal fourth quarter, which just ended.
Booming Cisco sales don’t happen without growing demand elsewhere in the economy.
“Cisco is regarded as a good barometer of enterprise spending due to its market leadership in key technology products. It sells networking switches and routers, which companies use to add capacity to serve their customers,” CNBC said.
The Walmart and Cisco announcements follow the government’s estimate that the gross domestic product (GDP) — the broadest measure of the value of the nation’s economic activity — increased 4.1 percent during the second quarter of 2018.