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AP Business NewsBrief at 8:55 a.m. EDT(Associated Press Via Acquire Media NewsEdge) Retailers report more modest April shoppingNEW YORK (AP) _ Americans eased back in April from their March shopping spree, partly because Easter came earlier. But the spring selling season is ending up respectable, an encouraging sign for the economy. As merchants report their monthly figures Thursday, discounters including Costco Wholesale Corp. emerged as the biggest winners. Limited Brands Inc. and Macy's Inc. had solid gains. Teen merchants including Wet Seal Inc. continue to struggle with declines. Productivity grows 3.6 percent in first quarterWASHINGTON (AP) _ Productivity growth posted a better-than-expected gain in the first three months of the year while labor costs dropped more than expected. That combination is good for corporate profits but means household incomes continue to be squeezed, putting the economic recovery at risk. The Labor Department said Thursday that productivity grew at an annual rate of 3.6 percent in the first quarter. That was better than the 2.5 percent increase economists had expected. New jobless claims drop for third straight weekWASHINGTON (AP) _ First-time claims for unemployment benefits dropped last week for the third straight time, a sign the job market is slowly recovering. The Labor Department said Thursday that initial claims for unemployment insurance fell by 7,000 to a seasonally adjusted 444,000. That's above economists' forecasts of 440,000, according to Thomson Reuters. Futures narrowly mixed; Euro debt remains a worryNEW YORK (AP) _ Stock futures are trading in a narrow range on persistent worries about whether a Greek debt crisis will spread across Europe. New reports Thursday from the Labor Department showing initial jobless claims in the U.S. fell, while productivity rose again had little effect on trading. Europe faces debt contagion fearLONDON (AP) _ The euro slid further amid fears that Greece's debt crisis would spread across the continent after a ratings agency warned Thursday that contagion could hit banks in weaker countries. Spain saw its borrowing costs rise ominously at a debt auction, and markets looked for some form of extra help from the European Central Bank. Credit ratings agency Moody's Investor Service said the banking systems in Portugal, Italy, Spain, Ireland and Britain could all be hurt by a widening debt crisis. Amid Greek crisis, ECB leaves rate at 1 pctLISBON, Portugal (AP) _ The European Central Bank left its benchmark interest rate unchanged at 1 percent Thursday with markets waiting to see what further anti-crisis steps the bank might take to keep the debt crisis in Greece from speading to other countries and dragging down the euro. The post-decision news conference later by bank President Jean-Claude Trichet could not come at a more critical time, with governments such as Spain and Portugal having seen recent debt downgrades and Moody's Investor Services warning Thursday that the debt crisis could hit banking systems in several other countries. APNewsBreak: Boat with containment box at oil siteON THE GULF OF MEXICO (AP) _ A boat carrying a 100-ton concrete-and-steel contraption designed to siphon off the oil fouling the Gulf of Mexico arrived Thursday at the spot in the sea where a blown-out well is spewing hundreds of thousands of gallons a day. Another boat with a crane plans to start lowering the box to the seafloor later in the day. Engineers hope it will be the best short-term solution to controlling the leak that has only worsened since it began two weeks ago. Sara Lee posts 3Q loss but raises outlookDOWNERS GROVE, Ill. (AP) _ Sara Lee Corp. lost money in its fiscal third quarter, pulled down by a tax charge and other items, the food maker said Thursday. But the company raised its 2010 adjusted earnings guidance above Wall Street's expectations. CityCenter writedown pushes MGM Mirage to 1Q lossLAS VEGAS (AP) _ MGM Mirage says a hefty writedown related to its CityCenter joint venture contributed to a loss in the first-quarter. The casino operator says its loss totaled $96.7 million, or 22 cents per share. That compares with a profit of $105.2 million, or 38 cents per share last year. Nintendo profit drops for first time in 6 yearsTOKYO (AP) _ Japanese game-maker Nintendo suffered its first drop in annual profit in six years, hit by a price cut for the Wii home console and sliding global sales. The maker of Super Mario and Pokemon games said Thursday that net profit for the fiscal year ended March 31 fell 18 percent to 228.6 billion yen ($2.5 billion). (c) 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |