Leading indicators predict restrained growth

Leading indicators predict restrained growthThe index of U.S. leading economic indicators rose at a slower pace in June, signaling the recovery will be restrained in the second half of the year. The Conference Board's gauge of the outlook for the next three to six months climbed 0.3 percent after a 0.8 percent gain in May, the New York-based research group said. Manufacturing in the Philadelphia area rebounded in July from its first contraction this year, a sign the industry is recovering from earlier supply shortages caused by Japan's earthquake, another report showed.

Jobless claims unexpectedly rose last weekMore Americans than forecast filed claims for unemployment benefits last week, reflecting the volatility of applications during the annual auto-plant retooling period. Applications for jobless benefits increased 10,000 in the week ended July 16 to 418,000, Labor Department figures showed. Economists forecast 410,000 claims, according to a Bloomberg News survey. The data included about 1,750 additional job cuts due to the Minnesota government shutdown, the agency said.

U.S. Treasury completes sale of Chrysler stakeThe U.S. government's sale of its remaining stake in Chrysler Group to Italian automaker Fiat SpA has now formally closed. The Treasury Department said that the $560 million deal -- which includes $500 million for Treasury's Chrysler shares and an additional $60 million for the government's option rights related to the UAW retirement trust's stake in the company -- is now officially completed. The government's shares amounted to 6 percent of Chrysler.

Borders liquidation sales to begin FridayGiant bookseller Borders Group Inc. on Friday will begin liquidating its 399 stores nationwide. Books, DVDs and furniture valued at more than $700 million will be discounted up to 40 percent starting Friday, liquidators said. The sales are expected to wrap up in September. The liquidation plan was approved by a U.S. bankruptcy judge in New York as the bookseller inked its final chapter, finally defeated by poor management decisions, massive debt and a changing industry.

Most remaining Blockbusters to stay openIf your neighborhood Blockbuster store is still open, it's cleared a hurdle with new owners Dish Network Corp. Dish, the No. 2 satellite TV provider, told a bankruptcy court that it plans to assume about 1,500 Blockbuster leases, wrapping up a bankruptcy that was filled with cliffhangers. That's the bulk of the 1,700 Blockbuster stores that were open when Dish acquired the former Dallas-based company out of bankruptcy in April.

Regulators OK slot swap by Delta, US AirwaysDelta Air Lines and US Airways can trade takeoff and landing slots at New York's LaGuardia and Washington's Reagan National airports if they divest two dozen slot pairs, U.S. regulators said. Smaller carriers should get eight pairs of slots at Reagan National and 16 pairs at LaGuardia, the U.S. Transportation Department said. That's 10 fewer pairs than the U.S. required under a 2009 plan the airlines abandoned because the conditions were too onerous.

FROM NEWS SERVICES