Up, up, up: Initial unemployment insurance claims for the week ending April 8 increased to 2,562 from the previous week’s total of 2,535, according to the latest data from the Louisiana Workforce Commission. For the comparable week one year ago, 2,997 initial claims were filed. The four-week moving average, a less volatile measure of claims, increased to 2,564 from the previous week’s average of 2,543. Continued unemployment insurance weeks claimed for the week ending April 8 increased to 21,681 from the previous week’s total of 21,638. Continued weeks claimed were below the comparable figure of 22,941 for the week ending April 9, 2016. Read more.
Shuttered: Teen clothing retailer rue21 is closing about one-third of its stores nationwide, including its location at Siegen Lane Marketplace in Baton Rouge, as it focuses more on its online business. The Associated Press reports the privately held company is shuttering nearly 400 stores, leaving it more than 700 stores in 48 states. In a Facebook post, the Cranberry, Pennsylvania-based company called the decision to close the stores “difficult but necessary.” Like many brick-and-mortar retailers, it has been battling declining mall traffic amid strong competition online. The company didn’t say how soon the stores will close, though its website is promoting store-closing sales. Read more.
Seized: The National Credit Union Administration has seized control of the Shreveport Federal Credit Union in a move to “correct operational weakness” with the organization. The Shreveport Times reports the NCUA took control of the credit union on Thursday and will provide uninterrupted financial service to its members as issues impacting the credit union’s safety and soundness are sorted out. The NCUA is the independent government agency tasked with supervising federal credit unions and protecting the assets of credit union members. Read more.
