Karabell for TIME: Things Are Bad Unless You’re Amazon, Starbucks or Expedia

August 1st, 2011

TIME


By Zachary Karabell | @zacharykarabell |
August 1, 2011
Andrew Harrer / Bloomberg / Getty Images

Andrew Harrer / Bloomberg / Getty Images

The markets have been sinking steadily, fed on a diet of weak economic data — GDP growth in the second quarter came in at an anemic 1.3% — and debt ceiling deadlock (which, finally, appears to have been broken). Yet, in the past week, company after company has announced stellar earnings — none more stellar than Starbucks, Amazon and Expedia.

Last week, I wrote about how Apple has been thriving even as the overall economy has sputtered. The results from these three other companies shows just how wide the gap between companies and national economies has become, and they each demonstrate that in spite of what is happening on the national stage, there are profound areas of strength and signs of vibrancy in precisely the area widely thought to be hurting most: consumer spending.  Read more…