Consumer spending up slightly last month Americans spent a little more in May, but not enough to speed along the economic recovery. Consumer spending rose 0.2 percent last month after no change in April, the Commerce Department said. Incomes rose for the sixth time in seven months, boosting household finances and potentially providing fuel for greater future spending.
Production down, unemployment up in Japan Japan's economic recovery faltered in May, as factory output fell and the nation's jobless rate rose for a third straight month. Industrial production in the world's second biggest economy dropped 0.1 percent from the previous month, the government said Tuesday. The result marks the first drop in three months. Meanwhile, the country's seasonally adjusted jobless rate climbed to 5.2 percent, up from 5.1 percent in April.
Apple reports record-breaking iPhone demand Apple Inc. said it sold more than 1.7 million units of its new iPhone model in the first three days, making it the most successful product launch in the company's history from the standpoint of sales. The iPhone 4 went on sale Thursday in the United States, Britain, France, Germany and Japan. High demand for the model caused shortages and unruly crowds at some stores. Analysts have said Apple is having a hard time procuring enough parts for the phone.
American Airlines union moves toward strike A union representing ground workers at American Airlines says a contract offer that was once headed for a ratification vote is now dead, and it's seeking to move closer to a possible strike. The Transport Workers Union said it asked the National Mediation Board to declare a stalemate. If the board goes along, it could end mediated talks between the two sides and eventually begin a 30-day cooling-off period, after which workers could legally strike.
Gasoline prices inching up ahead of holiday Gasoline prices continue to rise as vacationers in RVs and campers join commuters on the roads during the peak summer driving season. Pump prices likely will increase over the next couple of weeks but fall short of $3 per gallon in most states. Analysts note that demand remains lackluster while supplies are ample. The national average for retail gasoline prices rose 0.1 cent to $2.756 a gallon, according to Wright Express and Oil Price Information Service.
U.S. to free up more airwaves for wireless use The Obama administration is backing a plan to nearly double the space available on the airwaves for wireless high-speed Internet traffic to keep up with ever-growing demand for video and other cutting-edge applications on laptops and mobile devices. President Obama committed the federal government to freeing up an additional 500 megahertz of radio spectrum for broadband over the next 10 years.
Oil driller Noble Corp. grows with deals Offshore drilling services company Noble Corp. is bulking up its operations while signaling that business as usual won't return to the Gulf of Mexico for some time. The Swiss company said it will buy privately held Frontier Drilling for $2.16 billion in cash and also struck $4 billion worth of new contracts with Royal Dutch Shell. Noble is also giving Shell the right to suspend contracts for rigs operating in the Gulf because of the proposed U.S. moratorium on deep-water drilling.
FROM NEWS SERVICES
