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New jobs, more spending raise economic hopes

By TIMES WIRES
Published June 2, 2007

WASHINGTON

The country's economic health may be improving. Employers nearly doubled the number of jobs they added to payrolls in May, allowing the unemployment rate to hold steady at a relatively low 4.5 percent. The fresh employment picture provided by the Labor Department on Friday showed job creation bounced back, with payrolls growing by 157, 000 last month. That was an improvement over the 80, 000 jobs generated in April, the fewest in 2 1/2 years. Another report, released by the Commerce Department, showed consumer spending rose 0.5 percent in April, the biggest increase in two months.

Home sales fell nationwide in April

Pending sales of existing homes nationwide dropped by 3.2 percent in April, compared with the previous month, a real estate trade group said Friday. Wall Street had been anticipating a slight increase.

FAYETTEVILLE, Ark.

Wal-Mart curtails building plans

Wal-Mart, under pressure by investors to improve its sales, said it would scale back the number of planned U.S. supercenter store openings this year by more than 25 percent, a move that will drop its capital expenditures by $1.5-billion in the current fiscal year and help improve store sales. The retail giant also added the savings into a beefed-up stock repurchase program. Wal-Mart, the world's largest retailer, increased the amount budgeted for stock buybacks to $15-billion in 2007, up from $10-billion in 2006.

DETROIT

Toyota set pace for automakers in May

Toyota Motor Corp.'s U.S. vehicle sales jumped 14.1 percent in May to its best monthly level ever and General Motors Corp.'s sales rose 9.7 percent, helping boost industry sales 5 percent, as both automakers credited in part the appeal of their more fuel-efficient offerings amid high gas prices.

TAMPA

Port authority nets $400, 000 in grants

The Tampa Port Authority has received more than $400, 000 in seaport security grants from the federal government for improved communications, surveillance cameras and other equipment. Bills recently passed by the House addressed two other needs of the port, said U.S. Rep. Kathy Castor, D-Tampa. One directed the Department of Homeland Security to work with Florida officials so port workers won't need both federal and state security credentials. The other included a channel-widening in Tampa Bay.

NEW YORK

Google gobbles up blog-podcast firm

Online search leader Google Inc. said Friday it purchased FeedBurner, which helps bloggers and podcasters syndicate and make money from their online content, for an undisclosed sum.

MINNEAPOLIS

Coca-Cola, Cargill create sweetener

Coca-Cola and Cargill announced they have developed a sweetener from the stevia plant, a South American bush known to locals as honey leaf, creating an all-natural competition for sweeteners such as aspartame and Sucralose.

[Last modified June 2, 2007, 01:23:16]