On the up and up: Initial unemployment insurance claims for the week ending May 20 increased to 2,755 from the previous week’s total of 2,700, according to the latest data from the Louisiana Workforce Commission. For the comparable week last year, 3,165 initial claims were filed. The four-week moving average, a less volatile measure of claims, increased to 2,687 from the previous week’s average of 2,656. Continued weeks unemployment insurance claims increased to 22,411 for the week ending May 20. The previous week’s total was 22,253. Continued weeks claims were below the 23,394 claims for the comparable week last year.
Page turner: With retail stores shutting down at the fastest pace since the crash of 2008, the head of the American Booksellers Association is grateful to see business holding steady. The Associated Press reports that after seven straight years of growth, core membership in the independent sellers’ trade group has dropped slightly since May 2016 from 1,775 to 1,757. At the same time, the number of actual locations rose from 2,311 to 2,321, reflecting a trend of owners opening additional stores. Association CEO Oren Teicher says sales from reporting outlets are up around 2.5% in the first four months of this year, compared to the same time period last year. Sales increased 5% from 2015 to 2016. Read more.
Milestone: Amazon.com Inc.’s shares topped $1,000 for the first time, marking a new milestone for a company wooing investors by dominating online commerce and cloud computing. Bloomberg reports Amazon shares hit $1,001.20 this morning, up about 40% from a year ago and more than double the 15% gain of the S&P 500 Index in the same period. Investors are thinking about how much further Amazon can grow as it tries to replicate its U.S. success abroad. The shares will likely push even higher since Amazon is growing so quickly in massive global industries that show no signs of slowing, as shopping habits change and businesses rethink how they deploy technology, says John Blackledge, analyst at Cowen and Company LLC, who recently upped his Amazon price target to $1,125 a share. Read more.
