Home Depot issues warning about economy

(CNN)– Home Depot says consumers are not feeling great about the economy, and they are spending less to remodel their homes.

The home improvement giant is often a bellwether of consumer spending and the housing market.

The retailer has lowered its sales expectations for the year.

Home Depot reports that customers were spending less on Home Improvement projects, pressured by higher interest rates and concerns the economy is getting worse.

Sales at stores open at least 12 months are expected to Fall between 3% and 4% this year compare to last year.