Jobless claims dropped by roughly 6,000 last week, shocking economists who believed an uptick in unemployment applications was highly probable.
New claims fell to 361,000 for the week ended Aug. 4, shy of the 370,000 anticipated by analysts interviewed by Bloomberg. The drop in jobless claims for last week combined with above-average job growth for July may set the stage for a sunnier second half of 2012.
"There's a gradual improvement on the layoffs side," Peter Newland, an economist in for Barclays Plc, told Bloomberg. The second half "is not going to be spectacular, but it should be better than the first half."
July saw 163,000 jobs added to the economy, outpacing forecasters' expectations by more than 50%. Much of the job creation was in the food services and entertainment industries. New jobs in those industries can signify an uptick in discretionary spending and a strong sign for future economic growth.
Sales Buzz
Nestle's First Half (Bloomberg)
Nestle beat Wall Street expectations on Thursday on the back of a nearly 7% uptick in sales during the first half.
T-Mobile Hiring (WDEF.com)
T-Mobile wants to hire as many as 180 sales representatives and customer service associates at its Chattanooga, Tenn. customer care center before the end of the year.
Wholesale Market Waning (AP)
U.S. wholesale companies saw their sales fall 1.4% in June, representing the largest monthly decline in more than three years. Wholesalers will likely order less in the coming months as they work to clear excess inventory.
Good News, Bad News (Mass Device)
Shares of NxStage Medical hit a 52-week low Wednesday even though the company booked a record-breaking second quarter.
Marketing Buzz
P&G's Olympic Goal (Ad Age)
Olympic sponsor Procter & Gamble is hoping to use its association with the London Games to generate $500 million in new sales.
Campbell-Ewald Taps New CMO
McCann Erickson's former chief growth officer, Barbara Yolles, has accepted the position of chief marketing officer at communications firm Campbell-Ewald.
Plus-Size Marketing Push (NY Times)
Women's fashion retailer Lane Bryant is partnering with New York agency MODCo on a $10 million multi-channel marketing campaign.
Buzz Around the Office
Swing-and-a-Moose (MSN)
Ever seen a moose on a swing set? It's not quite as graceful as you'd think.
List of the Day: Networking Frenzy
Remember, you're there to network, not make friends.
1. Have a two or three sentence introduction about yourself.
2. Listen more than you talk.
3. Follow up the next day.
(Source: The Daily Muse)
