In Brief
WASHINGTON
Unemployment benefits claims increase in week, data show
Applications for unemployment benefits increased last week for the first time in five weeks.
Initial claims for jobless aid rose by 12,000 to a seasonally adjusted 465,000, the Labor Department said Thursday. Many economists had expected a flat reading or small drop.
The rise suggests that jobs remain scarce and some companies are still cutting workers amid weak economic growth. Initial claims have fallen from a recent spike above a half-million last month. But they have been stuck above 450,000 for most of this year.
Separately, the National Association of Realtors said sales of previously occupied homes rose 7.6 percent in August from July, to a seasonally adjusted annual rate of 4.13 million. Still, it was the second-worst month for sales in more than a decade. July was the worst month for sales in 15 years, a factor unchanged by a slightly upward revision.
NEW YORK
Avis raises bid for Dollar Thrifty to $1.52 billion in cash, stock
Avis raised its offer for Dollar Thrifty to $1.52 billion in cash and stock Thursday, one week before a scheduled vote by shareholders on a bid from rival car rental company Hertz.
The latest offer from Avis values Dollar Thrifty at $53 per share, compared with a $50 per-share offer from Hertz.
The rental-car rivals are fighting for control of Dollar Thrifty, a chain known for lower rates that appeal to leisure travelers, to gain access to those customers.
The prior offer from Parsippany, N.J.-based Avis was worth $1.36 billion.
WASHINGTON
Despite low prices, sales of existing homes keep falling
This year's home sales are shaping up to be as dismal as last year, despite cheap home prices and mortgage rates that have fallen to the lowest levels in decades.
About 3.4 million previously occupied homes have been sold in the U.S. through August. Most experts expect roughly 5 million to be sold through the entire year. That would be in line with last year's totals and just above sales for 2008, the worst since 1997.
Sales of previously occupied homes did increase 7.6 percent in August from July to a seasonally adjusted annual rate of 4.13 million, the National Association of Realtors said Thursday. But July's sales were the worst in 15 years, making August the second worst since 1997.
The cheapest mortgage rates in decades haven't helped. The average rate on a 30-year fixed mortgage was unchanged at 4.37 percent, mortgage buyer Freddie Mac said. Earlier this month, the rate dipped to 4.32 percent, which was the lowest level on records dating back to 1971.
NEW YORK
Thirty-year mortgage rates remain flat during week
Rates on 30-year mortgages this week were unchanged from the previous week, staying slightly above the lowest level in decades.
The average rate for 30-year fixed loans this week was 4.37 percent, mortgage buyer Freddie Mac said Thursday. Earlier this month, the rate dipped to 4.32 percent, which was the lowest level on records dating back to 1971.
The average rate on 15-year fixed loans also was unchanged at 3.82 percent. That is the lowest on records dating back to 1991.
Rates have fallen since spring as investors poured money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.
NEW YORK
Free Bud for everyone, but we can't tell you when or where
This free Budweiser's for you. But so is the job of figuring out when and where to get it.
Since Anheuser-Busch InBev announced this week that it will give away thousands of samples, drinkers have been calling distributors, posting on Facebook and checking in with local bars to learn when and where they can get the free drinks.
Because of local and state laws that regulate how people sample alcohol, the brewer can't give specifics, but others can. Anheuser-Busch plans to give away 500,000 free samples of 6 ounces to 12 ounces each -- depending on local laws -- through October.
The "Budweiser National Happy Hour" next Wednesday kicks off the promotion, which will include free samples at bars and restaurants across the country.
