Business briefs
First Posted:
Judge rules for J.C. Penney
J.C. Penney can sell some goods designed by Martha Stewart that were destined for shelves this spring — for now, a New York State Supreme Court judge ruled Friday.
Rival department store chain Macy’s Inc. had sought to bar J.C. Penney Co. from selling some items designed by Martha Stewart under the name JCP Everyday. Macy’s has an exclusive deal with Martha Stewart Living Omnimedia to sell some categories of items under the Martha Stewart name.
The ruling lets Penney sell the items, which are labeled JCP Everyday and don’t carry the Stewart name, until the lawsuit is fully decided. Macy’s said in a statement that it plans to appeal the ruling.
Retail sales slip in March
Sales at U.S. retailers fell in March from February, indicating that higher taxes and weak hiring likely made some consumers more cautious about spending.
Retail sales declined a seasonally adjusted 0.4 percent last month, the Commerce Department said Friday. That followed a 1 percent gain in February and a 0.1 percent decline in January. Both February and January figures were revised lower.
Consumers cut back across a wide range of categories last month. Sales at auto dealers dropped 0.6 percent. Gas station sales dropped 2.2 percent, partly reflecting lower prices.
The retail figures aren’t adjusted for price changes.
The retail sales report is the government’s first look at consumer spending, which drives about 70 percent of economic activity.
Housing recovery uneven
Federal Reserve Chairman Ben Bernanke says housing remains depressed in many low-income neighborhoods even though the overall home market is making gains.
Bernanke is urging a broad approach to the problem that seeks to improve education and jobs for lower-income Americans, in addition to housing.
The Fed chairman says any solutions will have to be tailored to whether a low-income neighborhood is urban, suburban or rural.
He spoke Friday at an annual Fed community affairs conference. Bernanke didn’t address the Fed’s interest-rate policies.
