Applications have been below 300,000, a historically low level, for 64 weeks, the longest such streak since 1973.
About 2.16 million people are receiving benefits, 3.1 percent lower than a year ago.
The economy expanded at just a 0.5 percent annual rate in the first quarter, after tepid growth of 1.4 percent in the final three months of last year.
In the past two weeks, however, several reports have suggested growth will rebound in the April-to-June quarter to nearly 2.5 percent, some economists forecast.
Sales at retail stores and restaurants jumped in April, evidence that Americans were willing to spend robustly after several months of caution.
And the housing market has perked up: Sales of existing homes rose last month, while sales of new homes soared to the highest level since 2008. Steady hiring and low mortgage rates have encouraged more Americans to take the plunge and buy a home. Housing construction also increased in April.
— Associated Press
RETAIL
Sears weighs options for brands, repair unit
Sears Holdings is considering options for its Kenmore, Craftsman and DieHard brands, as well as its Sears Home Services repair business, signaling that the retailer may sell more assets to stem widening losses.
The company will “aggressively” evaluate all alternatives for the businesses and has hired Citigroup and LionTree Advisors to assist in the efforts, according to a statement Thursday. Sears also reported that its first-quarter net loss expanded to $471 million, or $4.41 a share, and said that Chief Financial Officer Robert Schriesheim plans to leave the company.
With the retailer’s stores showing little sign of a revival, chief executive Edward Lampert may again be looking to sell off parts of the company to bring in cash. Lampert — a hedge fund manager who’s also the retailer’s chairman and largest shareholder — has hived off the Sears Hometown and Outlet Stores business and Lands’ End clothing brand, while also selling off store locations and moving others into a real estate investment trust.
The Kenmore, Craftsman and DieHard brands “are beloved by the American consumer, and we believe that we can realize significant growth by further expanding the presence of these brands outside of Sears and Kmart,” the company said. The home-services business also “has greater potential than what we have delivered in the past.”
The brands under review — Kenmore appliances, Craftsman tools and DieHard auto batteries — are staples found in many American households, and key assets inside Sears. Yet their sales have been slipping, even after Sears hired a licensing agent to offer them outside of Sears and Kmart stores.
— Bloomberg News
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