Retail sales beat expectations in March led by dept stores
Retailers posted stronger March sales than forecast despite cold weather high fuel prices and a late Easter with over twenty of twenty five reports topping estimates. Costco Saks Nordstrom Macy's J C Penney Kohl's posted gains while Gap fell and lowered its forecast.
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New York
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Thomson
Reuters
S&p
Nordstrom Inc
Macy’s Inc
J.C. Penney Co
Kohl's Corp
Costco Wholesale Corp
Saks Inc
Gap Inc
Japan
Jaaronne Martis
Thomson Reuters
U.S
Coach Inc
Tiffany & Co
ECB Lifts Key Rate as Europe Faces Two Speed Recovery
The European Central Bank raised its refinancing rate 0.25 points to 1.25 percent amid a two speed recovery. Portugal faces bailout pressures while Germany shows growth. Trichet signals a cautious path with several possible further rate moves to curb inflation.
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Jean-Claude Trichet
Trichet
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ING
Carsten Brzeski
U.S. Federal Reserve
Bank of England
Britain
Mortgage rates steady near five percent amid slow housing sales
Freddie Mac reports the 30 year fixed rate at 4.87 percent, up from 4.86 while 15 year fixed rises to 4.10 percent. Rates hover near multi decade lows, with 10 year treasury yields guiding movement as homebuilders like KB Home and Lennar report declining orders and deliveries.
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Social Security halts mailed earnings statements
Social Security will stop mailing annual earnings statements as the agency shifts to online access to save about 70 million dollars yearly. Commissioner Michael Astrue says online delivery aims to run by year end if security issues are resolved. paper statements could resume if needed. About 150 million statements go out yearly to help retirement planning amid budget freezes and rising benefit claims.
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Washington
Michael Astrue
Astrue
Associated Press
Max Richtman
National Committee
Social Security
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