Ring it up: Americans loosened their purse strings in May to update their wardrobes with bright new styles and take advantage of Mother’s Day promotions. Major retailers including Target Corp., Macy’s Inc. and Limited Brands Inc. all posted bigger-than-expected gains from a year ago. The modest but healthy gains followed a dismal showing in April, when retailers on average posted their weakest performance since November 2009. Only a handful of retailers representing roughly 13% of the U.S. retail industry report monthly sales figures based on stores open at least a year, which is a key measure of health because it excludes the impact of newly opened and closed stores. Get the full details on the May spending report from The Associated Press here.
Stoking competition: Communications businesses and regulators are restrained by many expensive and unnecessary reports, according to Rep. Steve Scalise, R-Jefferson, but a bill he sponsored to streamline federal reporting requirements was approved Wednesday by the U.S. House, The Times-Picayune reports. Scalise’s bill would consolidate eight annual Federal Communication Commission reports into a single biennial report and eliminate some reporting responsibilities. The bill was praised in the House for fostering competition and for encouraging innovation and lowering of prices in the communications industry. However, it’s not clear whether the Senate will consider the legislation.
Climate control: Your home thermostat can now be controlled with your iPhone, iPad, iPod touch or Mac computer, with the Apple Store’s release of the Nest Learning Thermostat. While it costs about five times as much as a regular thermostat—$250—the pricey gadget’s maker, Tony Fadell, claims it can save up to 30% off your utility bill by using artificial intelligence to control your house’s temperature. The Nest thermostat is also available at the company’s website and Lowe’s. It has been on the market since the end of 2011 and has received rave reviews from The New York Times, The Wall Street Journal and Gizmodo.
Today’s poll question: Do you think the LSU Tigers will make it to the College World Series this year?
