1. U.S. ECONOMY ADDED 175K JOBS IN MAY
The economy added 175,000 new jobs in May, showing the labor market is slowly but surely continuing to improve. Restaurants and bars showed the strongest growth, adding 38,000 new jobs and accounting for 16 percent of total growth. Unemployment inched up to 7.6 percent, from 7.5 percent in April, as the labor force participation rate increased. The government shed 14,000 jobs in May, the first solid evidence of the impact of the sequester. [The New York Times, The Wall Street Journal]
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2. SPORTS SPUR ECONOMIC GROWTH IN BRAZIL
Just as economic growth slowed to a near-halt last year in Brazil (0.9 percent, down from 7.5 percent in 2010), two major sporting events promise to give the economy a much-needed boost: the 2014 World Cup, and the Summer Olympics two years later in Rio de Janeiro. Five hundred workers are now building 12 new stadiums for the World Cup, an event that will require $14.5 billion in spending. The Olympics will cost about the same. Together, the events will create about 3.6 million short- and long-term jobs. [The Washington Post]
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3. J. CREW PROFITS SLIDE
Profits at J.Crew Group dipped 4.5 percent in the first quarter, as rising sales failed to make up for rising expenses. Though comparable-store sales shot up 5 percent, costs tied to the company's 2011 buyout weighed down profits. Earnings slid to $29.3 million from $30.7 million in the same quarter a year earlier, while revenue jumped 12 percent to $564.1 million. [MarketWatch]
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4. CANADIAN CHOCOLATE PRICES REPORTEDLY RIGGED
Concluding a five-year investigation, Canada's Competition Bureau charged Hershey, Nestlé, and Mars with colluding to fix the price of chocolate. The bureau recommended that Hershey, which cooperated with the investigation and agreed to plead guilty to one count of price-fixing, receive a more lenient sentence. Nestlé and Mars plan to defend themselves. Company executives could face up to five years in prison if convicted. [Reuters]
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5. THE CONTAINER STORE PREPS FOR IPO
After 35 years in business, the Container Store, aka heaven, tapped JP Morgan and other banks to help prepare for an IPO. The 58-store business employs about 6,000 people and takes in about $700 million in sales yearly. Analysts say that number could climb as much as 10 percent this year, and value the company at around $1 billion. The timing of the IPO is still up in the air. [The Wall Street Journal]
