Content about Economics

NEW YORK — Rising unemployment claims, coupled with rising food and energy prices, prompted a decline in consumer spending outlook for May, according to Deloitte.

The Deloitte Consumer Spending Index, which is comprised of four components — tax burden, initial unemployment claims, real wages and real home prices — fell to 2.66%, from an upwardly revised gain of 3.29% a month ago.

YONKERS, N.Y. — As evidenced by the 10% upswing in Better Business Bureau complaints over 2009, Consumer Reports will be sharing its survey around a consumer outcry of poor customer service in its July 2011 issue.

WASHINGTON — The National Retail Federation on Wednesday launched a 60-day lobbying, grassroots and media campaign aimed at ensuring that a new federal law — which is designed to save retailers and their customers more than $1 billion a month by lowering the “swipe fees" banks charge to process debit card transactions — takes effect in late July as scheduled.

LOS ANGELES — A new line of bubble products and toys sold under the Mr. Bubbles brand may soon make its way to retail.

Super Rad Industries announced that it is slated to manufacture and distribute a variety of products, including the original Mr. Bubbles in a bottle and the Mr. Bubbles figure bank, through a licensing deal that currently is being negotiated between the two companies. Super Rad also said that it is planning to develop a line of licensed Mr. Bubbles products that will feature some of the most well-known brands and characters.

SUNBURY, Pa. — Weis Markets on Thursday reported a 7% increase in sales, to $18.6 million, for the 13 weeks ended March 26.

Basic and diluted earnings per share increased 6.2% to 69 cents per share, Weis reported.

Same-store sales were up 0.6%.

CHICAGO — U.S. consumers that opted to become more thrifty during the recession will face rising food costs with ease as they've mastered ways to stretch their money, according to new research by NPD.

The research group's Economy Tracker found that nearly 3-out-of-4 consumers (74%) strongly agreed that they expect coupons and special deals will be much more important in deciding what to buy, while 67% said that they would shop less in general and 53% said that they would be buying in bulk.

WASHINGTON — One could say that a job with the Food and Drug Administration would be the perfect way to get information about upcoming drug approvals and use it to profit handsomely from buying stock in the companies that manufacture the drugs before the information reaches the public.

Of course, the Securities and Exchange Commission would consider that illegal insider trading, as one FDA scientist recently discovered.

WASHINGTON — The National Retail Federation said legislation introduced Tuesday to delay swipe fee reform, which is scheduled to go into effect this summer, would block retailers from giving discounts to consumers who use debit cards and would cost merchants and the public more than $1 billion per month.

CHASKA, Minn. — Mr. Bubble, which was acquired by The Village Co. in 2008, is broadening its portfolio with two new products for children: Mr. Bubble original bubble body wash and extra gentle body wash. Both formulas feature newly redesigned packaging, showcasing the new Mr. Bubble character.

The new body washes are made with aloe and shea butter to moisturize and are tear-free formulas. Both body washes are hypoallergenic, dermatologist-tested and pediatrician-tested for a gentle clean. The extra gentle body wash is dye-free and fragrance-free for extra-sensitive skin.

WHAT IT MEANS AND WHY IT’S IMPORTANT — Analysts already are speculating dire outcomes if the price of a gallon of gas eclipses $5 this summer on account of Middle East turmoil today. Any additional strains on the supply chain system, such as increased operational costs as high as 20%, would only make matters worse.

(THE NEWS: Rising gas prices not only factor driving supply chain costs. For the full story, click here)

PORT WASHINGTON — After years of declines, U.S. prestige beauty experienced a boost in 2010, with skin care proving yet again to be the strongest performer, according to beauty market research conducted by the NPD Group.

The market research company stated that U.S. prestige beauty generated $8.4 billion in 2010, up 4%, compared with $8.19 billion in 2009.

LOS ANGELES — Nicole by OPI has announced that it will reissue its sold-out One Less Lonely Girl nail lacquer shades, inspired by the songs and fans of pop star Justin Bieber.

With more than 1 million bottles sold since the December 2010 launch, Nicole by OPI plans to ship triple this number to meet consumer demand.