Mixed News in Economic Reports

The number of newly laid off Americans seeking unemployment benefits unexpectedly rose by 18,000 last week, yet more people are shopping. Plus: The FCIC continues to investigate the U.S. financial meltdown.

Mixed News in Economic Reports Mixed reports out from the government, the number of newly laid off Americans seeking unemployment benefits unexpectedly rose by 18,000 last week to 460,000. It’s a sign that while the economy maybe recovering, jobs remain scarce. But more people are shopping, many retailers reported sales gains from March, Costco, Target, Sachs, Macy’s and J.C. Penney all posted increases that deep Wall Street’s expectations. Those gains also reflect a boost from the Easter holiday. That sales news helped to keep stocks on the upside. The Dow rose 29 point while the NASDAQ gained five. A committee in Washington continues to investigate the US financial meltdown Citigroup’s former CEO, Chuck Prince and Senior Adviser Robert Rubin appeared before the panel. They both said they regretted the mistakes that fueled the meltdown and led to the enormous losses for homeowners and investors. The executives claimed they didn’t realize how much the city had accumulated in mortgage-backed investments and they told the panel that at that time, those securities were believed to be safe low risk investments. And Apple has then built an updated operating system that will allow iPhone and iPod users to switch between running programs. Many customers complained they can’t multitask with the current versions. For more business headlines, log on to cbs.moneywatch.com. In New York, I’m Ashley Morrison.