California to stop issuing IOU's in September
California state controller said Thursday the state will stop issuing registered warrants or IOUs as payment on September 4, approximately a month earlier than originally planned. The decision came after last month's enactment of a revised budget that closed California's $24 billion deficit. Read the complete article here.
Walmart earnings beat expectations
Wal-Mart Stores Inc.'s second-quarter earnings came in above analysts' expectations, the retailer however saw a fall of 1.2 percent in same-store sales. For the upcoming third quarter, Wal-Mart has adopted a conservative outlook seeing same-store sales flat to up 2%. Our customers are more disciplined in their spending, Mike Duke, Wal-Mart's president and chief executive, told investors during a prerecorded call Thursday. There is a new normal now where people are saving more, consuming less and being more frugal and thoughtful in their purchases, the Associated Press reported.
July Retail sales decline unexpectedly
Retail sales fell unexpectedly in July, the government reported on Thursday despite the boost from the cash-for-clunkers automobile incentive program. U.S. retail sales fell 0.1 percent the Commerce Department reported, marking the first decline in seasonally adjusted sales in three months.