Unemployment Data Shows Ongoing Weakness

BusinessUnemployment Data Shows Ongoing WeaknessUnemployment Data Shows Ongoing WeaknessThe Associated PressFewer Americans have signed up for unemployment benefits last week, but not enough to obscure continuing weakness in the country's labor market. (July 10)New applications for unemployment insurance fell last week by a seasonally adjusted 58,000 to 346,000. A year ago, the figure stood at 304,000, showing a continuing weakness in employment conditions.But the number of people continuing to receive unemployment benefits jumped by 91,000 to 3.2 million for the week. The gain leaves the filings at the highest level since December 2003. Given this environment, shoppers are trading down to less expensive stores, benefiting Wal-Mart, Costco and other low-price operators. Wal-Mart reported a robust 5.8 percent gain in same-store sales, saying economic stimulus checks helped fuel purchases of groceries and other necessities. But that increase is putting a dent in other retailers such high-end mall-based apparel stores such as the Limited and The Gap . ___ ___, The Associated Press.(****END****)