BUSINESS DIGEST || Wealth regained, but not equally

Wealth regained, but not equally

WASHINGTON

America as a whole has regained all the household wealth it lost to the Great Recession and then some, thanks to higher stock and home prices.

The average household still has a long way to go.

U.S. household wealth jumped $3 trillion to $70 trillion in the January-March quarter this year, the Federal Reserve said Thursday. That topped the previous peak of $68 trillion in the third quarter of 2007, just before the recession began.

Yet because of inflation and a rising population, the average household has recovered only about 63 percent of the wealth it lost, according to separate calculations by the Federal Reserve Bank of St. Louis. Affluent households have benefited most because most of the recovered wealth has come from higher stock prices. The wealthiest 10 percent of Americans own about 80 percent of stocks.

Jobless applications fall to 346,000

WASHINGTON

The number of Americans seeking unemployment benefits fell 11,000 last week to a seasonally adjusted 346,000, a level consistent with steady job growth.

The Labor Department said Thursday that applications dropped from 357,000 the previous week, which was revised up from an initially reported 354,000. The less volatile four-week average rose 4,500 to 352,500.

Weekly applications are a proxy for layoffs. They have fallen 7 percent in the past six months and hit a five-year low of 338,000 in early May.

Still, layoffs are only half of an improving jobs picture. The other is hiring, and companies have been reluctant to rapidly create many more jobs.

Modest gains for retailers in May

NEW YORK

In the latest sign that Americans are feeling better about the overall economy, stores across the country had a pickup in sales in May.

An improving job picture, better housing market and stock-market rallies all have led to consumer confidence reaching five-year highs. That has left Americans a bit more likely to reach into their pockets and spend, as monthly revenue reports released by national retailers Thursday show.

Revenue at stores open at least a year — an industry measure of a store’s health — rose 3.4 percent in May compared with the same month a year ago, according to a preliminary tally of 13 retailers by the International Council of Shopping Centers.

McDonald’s menu targets night owls

NEW YORK

McDonald’s is taking a small step toward offering breakfast items outside of its usual breakfast hours — at least if you’re a night owl.

Starting this month, the fast-food chain says participating 24-hour restaurants in select locations will offer an “After Midnight” menu that includes its Egg McMuffin, Big Mac and Chicken McNuggets. Customers will be able to create “Midnight Value Meals,” with either fries or hash browns as their side items, McDonald’s says.

Associated Press