Report: Jobs data show labor market improving
New York City U.S. private-sector employers added jobs in May and the economy’s dominant services sector increased payrolls for the first time in more than two years, according to an ADP Employer Services report.
New claims for unemployment insurance also fell last week, leaving investors braced for more good news on Friday, when the government’s employment report is expected to show the economy added more jobs in May than at any time since September 1983.
Private employers added 55,000 jobs last month, which is a sign of improved conditions. April’s job gain was revised upward to 65,000 from an initially reported tally of 32,000.
Economists expect Friday’s more closely watched payrolls report, which includes private- and public-sector jobs, to show that the economy added 513,000 jobs in May and the jobless rate dropped to 9.8%, from 9.9% in April.
Coldwater Creek announces management transition plan
Sandpoint, Idaho Coldwater Creek announced that Georgia Shonk Simmons, president and chief merchandising officer, plans to retire on May 1, 2011. The company also announced that Jerome Jessup, executive VP creative, will immediately assume responsibility for merchandise design and development. Shonk Simmons will continue as head of merchandising with a view to transitioning those responsibilities to a new head merchant over the next several months.
“Georgia has made extraordinary contributions to our company over the past twelve years,” said Dennis C. Pence, co-founder and CEO. “I am extremely grateful to Georgia who not only has been instrumental in creating our unique brand and developing our outstanding merchandising team, but has also been an inspiration to the entire Coldwater Creek team.”
GameStop announces key executive promotions
Grapevine, Texas The board of directors of GameStop Corp. announced the promotion of existing executives into new positions within the company. The promotions include the appointment of Daniel A. DeMatteo to executive chairman from CEO, and J. Paul Raines to CEO from COO.
In other moves, Tony D. Bartel was appointed to president, from executive VP merchandising and marketing; and Robert A. Lloyd to executive VP and CFO from senior VP and acting interim CFO. As announced in January, Michael K. Mauler was promoted to executive VP, GameStop International.
“I am pleased to congratulate the team along with our board on the execution of this succession plan that has been two years in the making,” indicated DeMatteo.