Business digest, Feb. 3

Premium ContentMouse over Home then click on Premium Content for information.

Retail sales mixed for month

Retailers reported mixed sales results for January in a sign that U.S. consumers continue to be cautious about their spending. Overall, merchants reported a 4.8 percent increase for January, according to the International Council of Shopping Center's tally of 20 retailers. But the results were divided among merchants. Retailers like Target that sell basic household goods did well, as did luxury chains like Saks that cater to wealthier shoppers. Macy's and other stores that sell midprice clothing posted disappointing results.

Mortgage rates at new low — again

The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market remains depressed. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.87 percent this week. That's below the previous record of 3.88 hit two weeks ago. The average on the 15-year fixed mortgage fell to 3.14 percent, also a record low. Records for mortgage rates date to the 1950s.

Jobless claims fall

The number of people seeking unemployment benefits fell last week to a level that signaled a steadily improving job market. Unemployment applications fell 12,000 to a seasonally adjusted 367,000, the Labor Department said Thursday. The four-week average, a less volatile measure, dropped for the third straight week to 375,750. That's the second-lowest level for the four-week average since June 2008.

Merger of exchanges called off

The New York Stock Exchange and German exchange Deutsche Boerse called off their planned merger Thursday, a day after the European Union said it would block the union because of concerns about a monopoly.

— From wire reports

« Money

Share