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RETAIL SALES RISE: Consumers awoke in May from a shopping slumber and gave a small boost to retail sales, a hopeful sign for the economy's revival. The Commerce Department reported Thursday that sales at retailers nudged up last month by 0.1 percent from April's total. By comparison, sales fell 0.3 percent from March to April. The department also reported that business inventories rose 0.1 percent in April after a 0.3 percent March rise.
UNEMPLOYMENT FILINGS FALL: New applications for unemployment benefits last week dropped by a seasonally adjusted 17,000 to 430,000. The Labor Department said that even with the decline, claims have remained above 400,000 - a level associated with a lackluster job market - for 17 straight weeks. The number of workers who continue to draw jobless benefits rose by 120,000 to a 20-year high of 3.8-million for the work week ending May 31.
SHARING FLIERS: Customers flying Delta Air Lines, Continental Airlines and Northwest Airlines will be able to earn miles in any of the carriers' frequent flier programs starting Wednesday under a marketing alliance approved by the federal government in April. Members of the three airlines' airport clubs also will get reciprocal benefits starting next week. The airlines said Thursday they will announce how customers can redeem miles on any of the three carriers in the next few weeks.
SHIMBERG TO LEAD: Holland & Knight partner James Shimberg Jr. is the new chairman of the not-for-profit Tampa Downtown Partnership. Shimberg, a land-use attorney and former executive partner of Holland's Tampa office, succeeds Hal Flowers of Everest Partners LLC. Raymond Sandelli, manager of CB Richard Ellis's Florida operations, was named chairman-elect and will succeed Shimberg a year from now.
WINN-DIXIE DROPS: Shares of Winn-Dixie Stores Inc. plummeted 12 percent on Thursday after the Jacksonville supermarket chain lowered its earnings projections for the fourth quarter that ends June 25. Winn-Dixie shares closed at $12.87, down $1.80. The company expects to report earnings of 28 to 31 cents a share. Previously the company had projected 35 to 39 cents a share.
PARADYNE LAYS OFF 55: Paradyne Networks Inc. said Thursday that it laid off 55 employees, or about 12 percent of its work force, as part of its "continued efforts to align its operations with the present telecom industry environment." The Largo maker of Internet access equipment cut 115 jobs during the fourth quarter of last year as part of a cost-cutting restructuring. Paradyne's shares closed Thursday at $1.99, down 17 cents or 8 percent.
30-YEAR RATE LOWER STILL: The average U.S. 30-year fixed mortgage rate fell this week to a fifth consecutive record low amid expectations that the Federal Reserve will reduce interest rates this month, according to Freddie Mac. The average rate dropped to 5.21 percent for the week that ends tomorrow from 5.26 percent.