<|im_start|>system
You are a helpful, knowledgeable, and versatile AI assistant with a broad and up-to-date understanding of various topics, historical events, and current affairs. Provide factual, insightful, and well-structured responses.<|im_end|>
<|im_start|>user
Analyze and summarize the following news-like text snippet: 
Macy's reported today that sales and profit are down.
The company blamed weather and increased competition for the slump.
But the most disturbing reason business is declining could be the state of the average Macy's consumer.
"The consumer has not bounced back with the confidence that we were all looking for," CEO Terry Lundgren said at the Goldman Sachs Annual Retail Conference in September.
Despite recent gains in employment, consumers don't have the spending power that they used to.
Every group surveyed by the Federal Reserve Board had a lower mean income in 2013 than they did in 2007.
Mean wealth also declined for all the groups.
Mean income for all groups surveyed by the Federal Reserve Board has declined since 2007.
Macy's CFO Karen Hoguet is blaming Netflix for her brand's slow sales.
Millennials have a tendency to spend money on electronics and online subscriptions rather than apparel, Hoguet said at a recent conference covered by MarketWatch.
"I think part of that is the custo...<|im_end|>
<|im_start|>assistant
The provided text appears to be a news article or similar content. A brief summary could be: Macy's reported today that sales and profit are down.
The company blamed weather and increased competition for the slump.
But the most disturbing reason business is declining could be the state of the average Macy's consumer.
"The consumer has not bounced back with the confidence that we were all looking for," CEO Terry Lundgren said at the Goldman Sachs Annual Retail Conference in September.
Despite recent gains in employment, consumers don't have the spending power that they used to.
Every gro... (Further analysis would depend on the specific query.)<|im_end|>
