GM earnings fall as it prepares for a possible recession
CNN
Covid lockdowns in China hammered earnings at General Motors, and America's largest automaker said it is preparing for a possible recession.
"There are concerns about economic conditions, to be sure," said CEO Mary Barra in a statement to shareholders. She said the company is preparing for a possible downturn by reducing discretionary spending and limiting hiring.
"We have also modeled many downturn scenarios and we are prepared to take deliberate action when and if necessary," she said.
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.