- 1. U.S. jobs report shows stronger-than-expected hiring rebound in February
- 2. Costco raises its minimum wage
- 3. Hollande warns of 'consequences' if Britain exits E.U.
- 4. Mortgage rates inch up on encouraging economic news
- 5. Smith & Wesson profits soar as calls for tougher gun laws fuel sales
1. U.S. jobs report shows stronger-than-expected hiring rebound in February
The Labor Department reported Friday that U.S. employers added 242,000 jobs in February, blasting past the already solid 195,000 new jobs predicted by economists. The figure marked a strong hiring rebound since January, when 172,000 jobs were added — an upward revision from the 151,000 jobs originally reported. The unemployment rate remained at a low 4.9 percent. The performance came as hiring in construction, retail, and health care offset layoffs by manufacturers and oil companies.
2. Costco raises its minimum wage
Costco is hiking its minimum wage for the first time in nine years as the labor market grows more competitive. The warehouse retail chain will raise its minimum to $13 an hour, up from $11.50. The move comes as rivals raise pay for their workers, too. Walmart, which operates Costco competitor Sam's Club, raised its minimum to $10 an hour this year. The move is expected to cost Costco 1 cent per share over the next three months, and 2 cents in the following three quarters.
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3. Hollande warns of 'consequences' if Britain exits E.U.
French President Francois Hollande warned Britain on Thursday that there would be "consequences" if it leaves the European Union. One of his ministers earlier went further, saying France could end border controls in Calais, where thousands of migrants are camped, hoping to reach the U.K. through the nearby tunnel or by boat. British backers of the exit campaign dismissed the threat as "scaremongering." London Mayor Boris Johnson, who supports voting to exit the EU in a summertime referendum, responded: "Donnez-moi un break."
4. Mortgage rates inch up on encouraging economic news
Mortgage rates rose this week for the first time in two months. The early 2016 market turbulence sent Americans scurrying for safe investments such as bonds, which kept yields low. That kept mortgage rates low, too, since home loans tend to follow long-term bonds. The brightening economic data — on consumer spending, construction, and manufacturing — eased the pressure and the average rate on a 30-year fixed-rate mortgage rose to 3.64 percent, up from 3.62 a week ago.
5. Smith & Wesson profits soar as calls for tougher gun laws fuel sales
Gun maker Smith & Wesson reported Thursday that its quarterly revenue had jumped by 61 percent, exceeding analysts' expectations. Chief Executive James Debney attributed the boom to a rise in demand due to "potential impact of news events" — in other words, fear among gun buyers that recent shootings and political campaigning will lead to stricter gun laws. The company's stock gained about 5 percent in extended trading.
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