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No sign of a consumer slowdown in the US



PepsiCo CFO Hugh Johnston said Tuesday that the snack and beverage giant still thinks the consumer economy is strong.

"In the United States right now, we do not see any sign of a consumer slowdown," he said CNBC's "Squawk on the Street."

Consumer spending in April and May rose moderately, according to the Commerce Department.

Johnston pointed out that it was "particularly positive" for consumer spending.

"When that's the case, consumers generally feel better about themselves, "he said.

Looking to the rest of the world, Johnston pointed to the Middle East, Brazil and western Europe as regions that present a challenge.

Earlier on Tuesday, executives told analysts on the quarterly conference call that the company does not see any signals that the Consumer was slowing down.

Jeff Harmening, general mills CEO, echoed Johnston's confidence later on Tuesday on CNBC's "Squawk Alley."

"I would say in the US the consumer environment quite good, "Harmening said.

Harmening said that General Mills 'business in China and Brazil is growing, despite concerns about those countries' economies, while Europe poses the biggest challenge because of Brexit uncertainty.

Shares of Pepsi were basically flat in trading Tuesday after the company reported better-than-expected earnings before the bell. The Cheetos maker topped analysts' estimates for its second-quarter earnings and revenue.

The company reaffirmed its fiscal 201

9 outlook Tuesday. 4% and adjusted earnings per share, assuming constant foreign currency exchange rates, to decline by 1%.


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