Trump touts Walmart earnings as proof that the US economy is 'doing great' amid fears of a looming recession

Gunnar Rathbun/AP Images for Walmart

Holiday shoppers leaves Walmart's Black Friday event in Bentonville, Arkansas, on Nov. 24, 2016.

• President Donald Trump on Thursday touted Walmart's "outstanding" earnings report as evidence that the US economy is "doing great" amid fears of a looming recession.
• "Walmart, a great indicator as to how the U.S. is doing, just released outstanding numbers," Trump tweeted.
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President Trump on Thursday touted Walmart's "outstanding" quarterly-earnings report as evidence that the US economy is "doing great" amid fears of a looming recession.

"Walmart, a great indicator as to how the U.S. is doing, just released outstanding numbers," Trump tweeted on Thursday. "Our Country, unlike others, is doing great! Don't let the Fake News convince you otherwise."

Walmart reported quarterly earnings on Thursday that topped expectations and raised its outlook for the year. 

The company said same-store sales increased 2.8% year-over-year and total revenues grew 1.8% year-over-year to $130 billion.

Walmart also said e-commerce sales rose 37% during the quarter, matching growth during the previous quarter.