Wal-Mart to bring back layaway programSeeking to assist its core low-income shoppers and reverse a prolonged U.S. sales slump, Wal-Mart Stores Inc. is bringing back its layaway program for the key holiday shopping season. The nation's largest retailer said it was reinstating the service, which it had ended five years ago. Wal-Mart Chief Merchandising Officer Duncan Mac Naughton said customers requested the return of layaway to help them manage their budgets.
Little sign of improvement in job marketApplications for unemployment compensation rose slightly last week, indicating little change in a weak U.S. jobs market in which net hiring remains near a standstill. Jobless claims rose to 414,000 from 412,000, the Labor Department said. Economists surveyed by MarketWatch forecast claims to rise to a seasonally adjusted 411,000 in the week ended Sept. 3. Initial claims from two weeks ago were revised up from 409,000.
Consumer credit up the most in three yearsConsumer borrowing in the U.S. rose by the most in more than three years in July, led by a gain in non-revolving credit that includes student loans. Credit increased $12 billion after a revised $11.3 billion rise in June, the Federal Reserve said. Economists projected a $6 billion gain, according to the median forecast in a Bloomberg News survey. The rise in non-revolving loans was the most since November 2001.
U.S. trade deficit declined 13% in JulyThe trade deficit the United States runs with the rest of the world shrank in July, as record exports helped offset the biggest trade gap with China in 10 months. The Commerce Department said the trade deficit narrowed to a seasonally adjusted $44.8 billion in July from $51.6 billion in June, a decline of 13 percent -- the largest percentage decline since February 2009. Economists had expected a $51 billion deficit.
Mortgage rates fall to another historic lowU.S. mortgage rates tumbled to the lowest in at least four decades as stagnant job growth and concern that Europe's debt crisis is deepening drove investors to the relative safety of government bonds. The average rate for a 30-year fixed loan dropped to 4.12 percent in the week ended Thursday from 4.22 percent, Freddie Mac said. That's the lowest in the McLean, Va.-based company's records dating back to 1971.
Feds search offices of solar-panel makerFBI agents executed search warrants at the headquarters of California solar panel manufacturer Solyndra, which received more than $500 million in federal loans before filing for bankruptcy last week. Blue-jacket-clad agents swarmed the company's headquarters in Fremont as part of an investigation with the Department of Energy's Office of Inspector General into the manufacturer once touted by President Obama as a beneficiary of economic stimulus, according to the FBI.
Lowe's arming store workers with iPhonesLowe's Cos. is enhancing its website and equipping store employees with iPhones as the second-largest U.S. home-improvement retailer seeks to catch up to Home Depot Inc. and boost sales from its existing locations. Next month, Lowe's will introduce its MyLowes online tool that customers will be able to use to store owner's manuals, warranties and paint formulas, Chief Information Officer Mike Brown said. The company is arming workers with 42,000 iPhone 4s.
FROM WIRE REPORTS
