Monday, Feb. 2, 2009
The week began with two reports: one good, one disappointing. The Institute for Supply Management put out its manufacturing business index report, which said manufacturing activity rose in January, a surprise for economists who predicted the index would fall slightly. This was the first time the index has risen since last June. Personal spending, on the other hand, dropped 1% according to data from the Commerce Department, while personal income fell 0.2%.
So much for the “Magic of Macy’s” (M). The retailer announced it was cutting 7,000 jobs and reduced its dividend by over 60%. This is about 4% of the company’s total work force and will affect the central office and executive positions, some of which are not filled at the moment.
Bennett: Stimulus Won't Work
Dell to close part of Lebanon facility as PC sales slow
FOXBusiness.com’s Week in Review: Jan. 19-23, 2009
