NEW YORK (AP) — Stocks are lower in morning trading after the government reported that U.S. employers added fewer jobs than forecast in August. The S&P 500 was close to 5 points, while the Dow had lost more than 40 points and the Nasdaq was off about 10 in the first hour of trading. Bonds rose on the jobs news.
WASHINGTON (AP) — Hiring slowed in August. The Labor Department says U.S. employers added just 142,000 jobs, snapping a six-month streak of hiring above 200,000. It’s the smallest gain in eight months and well below economists’ expectations. The unemployment rate dropped to 6.1 percent, but that was because more people without jobs stopped looking for one and were no longer counted as unemployed.
CHESAPEAKE, Va. (AP) — Family Dollar is rejecting Dollar General’s latest acquisition offer of more than $9 billion. Family Dollar says it still has antitrust concerns. The discounter accepted an $8.5 billion offer from Dollar Tree in July. Dollar Tree says it will divest as many stores as needed to get antitrust clearance for its deal with Family Dollar.
DETROIT (AP) — Detroit’s chief financial officer says raising taxes isn’t an appropriate remedy to fix the bankrupt city. John Hill is continuing his testimony today at a trial that will determine whether Detroit emerges from the largest public bankruptcy in U.S. history. Hill says Detroit residents and property owners already are “highly taxed” and the city still is suffering from long-term economic problems.
NEW YORK (AP) — Jeans are losing market share to yoga pants and other “active wear.” The market research firm NPD Group says sales of jeans in the U.S. fell 6 percent during the past year after decades of fairly steady growth. Sales of “active wear” such as yoga pants climbed 7 percent, more than doubling the $16 billion people spent on jeans. But retail consultant Customer Growth Partners estimates denim still accounts for 20 percent of annual sales at the nation’s department stores.
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