US retailers report May sales declines

Pretty much a sucky report, although retailer aiming for teen market seems to be doing better. High end tend to do worse. Low end tending to do better. Over all same store sales fell 4.6%. Wal-mart did not report.

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Oil heading back up. Not good!!!!

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Initial claims for state unemployment insurance benefits fell 4,000 to 621,000 in the week ended May 30, the Labor Department said. The week covered the Memorial Day holiday, which could have had an impact on the data.

The four-week moving average for new claims, considered to be a better gauge of underlying trends as it irons out week-to-week volatility, rose 4,000 to 631,250 in the week ending May 30.

Steeper job cuts by companies, coupled with reduced working hours boosted productivity in the first quarter, a separate report from the Labor Department showed.