Generation Y's rough road
Members of Generation Y—today’s teens and 20-somethings—are likely to be the first generation in U.S. history to end up financially less well-off than their parents, studies suggest. Forty-nine percent lack health insurance, 39 percent were jobless at some point during the recession, and nearly 42 percent don’t pay their monthly bills on time.
Federal tax credit spurs new-home sales
New-home sales jumped 27 percent in March, as buyers rushed to sign deals before a federal tax credit expires. To qualify for the credit of as much as $8,000, first-time home buyers must go to contract on a house by April 30.
The Wall Street Journal
DeBeers to cut diamond production
Warning that the supply of diamonds is running out, DeBeers, the world’s largest diamond producer, says it will cut production. The company says that beginning in 2011, it will produce about 40 million carats a year, down from 48 million in 2008.
Sales up at Sears
For the first time since 2004, sales at Sears’ U.S. department stores are growing. The company reports that at stores open a year or more, sales are up 1.7 percent so far in the current quarter.
Craigslist nets a few Gambinos
Craigslist, the online classified-ads service, will make an estimated $36 million this year on sex-related advertising. Last week, 14 alleged members of the Gambino crime family were indicted on charges that included attempting to sell underage girls through Craigslist.
The New York Times