NEW YORK — Weak economic reports on Wednesday knocked the major stock indices down more than 2%, and many large supermarket operators fell even more than that in the day's trading.
Cincinnati-based Kroger Co. was off 3.71%; Pleasanton, Calif.-based Safeway fell 6.23%; and Minneapolis-base Supervalu tumbled $6.43%. The only gainers among U.S. stocks tracked by SN were among wholesaler/retailers Spartan Stores and Nash Finch Co., up 1.77% and 0.64%, respectively.
Wednesday's reports indicated that the private sector added only 38,000 jobs in May, less than analyst expected, and that manufacturing output has slowed. The job report is particularly consequential for food retailers, whose fortunes can be closely tied to employment levels, according to analysts.
The reports signaled fresh worries that the economy was entering a more prolonged slowdown than many had hoped.
Among other supermarket stocks to take a hit Wednesday: Winn-Dixie Stores, off 5.05%; Ruddick Corp., off 4.55%; and Ingles Markets, off 4.21%.
