Apparel retailers face tough back-to-school time
Back-to-school shopping slows as stimulus benefits fade and layoffs rise, with July sales slipping for Abercrombie & Fitch Gap J C Penney and Saks while Wal Mart cautions slower August. Labor data show 455,000 new unemployment claims, the highest since March 2002, amid bankruptcies at Boscov s Mervyns Steve and Barry s.
MENTIONED IN THIS ARTICLE
New York
Lazard Capital Markets
Todd Slater
Wal- Mart Stores Inc
Abercrombie & Fitch Co
Gap Inc
J.C. Penney Co
Saks Inc
Labor Department
Num
Boscov's Department Store LLC
Mervyns LLC
Steve & Barry’s LLC
Bj's Wholesale Club
Costco Corp
Wal-Mart Stores Inc
Inseunstannaeesatastueresesoerteemeeenanameramessrrsianae Pirotemserentn
Dillard's Inc
Target Corp
Ceevseren Maths
Jobless claims highest in six years push wary economy
The Labor Department reported new unemployment claims rising to 455,000 the highest since March 2002, signaling tighter credit, slumping demand, and potential cuts in consumer spending. Dow tumbles as markets react, while economists warn of annual growth risks and renewed stimulus debates ahead.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Richard Yamarone
Argus Research
Wall Street
White House
Tony Fratto
Federal Reserve
Barack Obama
Bush
GOP
John McCain
Mortgage rates mixed as 30-year holds steady
Freddie Mac reports 30-year fixed rate at 6.52 percent for the week ending Aug 7, near the year’s second-highest level. Fifteen-year rates rise to 6.10 percent while five-year ARM falls to 6.05 percent and one-year ARM eases to 5.22 percent amid tighter credit and a housing market drag.
MENTIONED IN THIS ARTICLE
Washington
Freddie Mac
Frank Nothart
Oil prices rebound after Turkish pipeline fire
Prices rise above 120 a barrel as PKK admits sabotage of the Baku Tbilisi Ceyhan line. Exports may be disrupted up to 15 days, BP and others declare force majeure while shipments continue from the southern terminal. Gasoline futures gain while heating oil and natural gas fall. Retail gas prices drop about one cent to 3.849 per gallon.
MENTIONED IN THIS ARTICLE
New York
New York Mercantile. Exchange
Auto Club Aaa
Oil Price Information Service
Wright Express
Firat
Kurdistan Workers’ Party
PKK
Ceyhan
Turkey
Anatolia News Agency
BP PLC
Murat Lecompte
Gulf of Mexico oil production back to normal
Evacuations ended at all 717 staffed Gulf platforms and 125 drilling rigs after Tropical Storm Edouard. MMS reported daily output near 1.3 million barrels of oil and 77 billion cubic feet of natural gas, with restoration almost complete after the storm's landfall near Texas and Louisiana.
MENTIONED IN THIS ARTICLE
New Orleans
Edouard
Gulf of Mexico
Minerals Management Service
Gulf
MMS
Galveston
Louisiana
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Patricia Walker
Accenture
THE
Associated Press
Pollo AV Home
Enterei
Ramon Pichardo
Washington Heights
Pichardo
Mark Lennihan
Dale St
Bopen
Cintas
S. Loop
Midland
Cintas.com
Peenee Ay
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