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Employment Situation: In July, both the unemployment rate of 5.3% and the number of unemployed persons of 8.3MM were unchanged. Over the year, the unemployment rate and the number of unemployed persons were down by 0.9 percentage point and 1.4MM, respectively. Among major worker groups, unemployment rate for teenagers declined to 16.2% in July.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.