Retailers in the U.S. struggled to increase sales in February as a second month of frigid temperatures and snowstorms kept many Americans closer to home, economists predict a Commerce Department report will show.
Jeanina Jenkins, a 20-year-old high- school graduate from St. Louis, is stuck in a $7.82-an-hour part-time job at McDonald’s Corp. that she calls a “last resort” because nobody would offer her anything better.
The euro rallied for a fifth week as European Central Bank President Maro Draghi said he expects inflation in the currency bloc to gradually rise, damping bets that policy makers would reduce the benchmark interest rate.
Efforts by Citigroup Inc. senior executives to tighten controls in Mexico were rebuffed by managers there for at least five years before the U.S. bank found the local unit had suffered a $400 million loan fraud last month, four people with direct knowledge of the matter said.
Treasuries fell for a fourth day, while oil and the dollar rose after stronger-than-forecast jobs growth fueled optimism in the American economy. U.S. stocks were little changed as Russia said it may cut Ukraine’s gas supplies.
Federal Reserve Bank of New York President William C. Dudley said he sees a “reasonably favorable” outlook for the U.S. economy, even as elevated joblessness and too-low inflation warrant a high level of stimulus for a “considerable time.”
Asian currencies had the best week since September 2012, led by Indonesia’s rupiah and India’s rupee, as signs the U.S. economic recovery is losing pace fueled speculation the Federal Reserve will slow further stimulus cuts.