General Mills earnings flash a warning sign for the economy

As the year winds down, General Mills’ latest earnings offer a sobering read on the U.S. consumer and the economy writ large. The headline numbers show clear strain, with organic net sales falling 1%, adjusted operating profit dropping 20%, and margins compressing across the company's core North America business. The writing on the wall? Lower-income and more middle-class shoppers are increasingly reaching for generic store brands and looking to cut their grocery bills any way they can, which is bad news ...