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Two key leaders in Ford's remarkable turnaround are retiring. Lewis Booth, chief financial officer, and Derrick Kuzak, product development chief, will leave the company April 1. The moves, in the works for months, raised questions about how long CEO Alan Mulally, 66, will stay in his job and whether Ford can continue its renaissance under new executives. Kuzak, 60, and Booth, 63, each served more than three decades with the Dearborn, Mich., company. Their most important years were the last five when Ford turned itself around after borrowing $23.5 billion in 2006 to stay in business.
Mortgage rates steady
Rates for 30-year U.S. mortgages held at the lowest level on record as fewer Americans sought loans for home purchases. The average rate for a 30-year fixed mortgage was unchanged in the week ended Thursday at 3.87 percent, the lowest in records dating to 1971, Freddie Mac said. The average 15- year rate climbed to 3.16 percent from 3.14 percent.
Jobless claims 'encouraging'
The number of people seeking unemployment aid neared a four-year low last week. The Labor Department said Thursday that weekly applications for unemployment benefits fell 15,000 to a seasonally adjusted 358,000. That's the second-lowest level since April 2008. The four-week average, a less volatile measure, fell to 366,250, the lowest since late April 2008. "The encouraging U.S. employment news continues," Jennifer Lee, an economist at BMO Capital Markets, wrote in a note to clients. The "job market started February off on a sturdy footing."
Wholesale inventories rise 1%
Wholesale businesses increased their stockpiles sharply in December although the gains are expected to slow in coming months. The Commerce Department said Thursday that wholesale businesses boosted inventories by 1 percent in December after no increase in November. The rise came as sales rose 1.3 percent, the best showing in nine months and more than double the 0.5 percent November sales gain. The gain pushed stockpiles to $473.9 billion, 22.5 percent above their 2009 lows.
— From wire reports
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