The Fed’s battle against inflation is likely to last a little longer than investors had expected, due to surprising strength in the economy.
A strong labor market, slowing inflation, pay raises negotiated last year, cost-of-living adjustments for retirees and state tax cuts have lined up to lift consumer purchasing power, fortifying spending and economic growth at a time when many analysts were predicting a slowdown or even recession.
DoorDash’s revenue rose last quarter, as consumers spent more on deliveries of food and household essentials even as prices rose and more restaurants reopened.
DoorDash’s revenue jumped 40% to $1.8 billion from a year ago.
The company says it ended 2022 with a record 32 million monthly users and its subscription service DashPass now has more than 15 million members, up from 10 million a year ago.
Futures are down after stocks tumbled yesterday. The Dow Industrials dropped 431, the NASDAQ lost 214 and the S&P 500 fell 57.
