In brief: Buffett strong on economy
OMAHA, Neb. – Investor Warren Buffett said the economy continues to grow steadily, but too many people continue to miss out on the American dream.
Buffett told CNN on Thursday he doesn’t see any real sign of weakness in the economy. Buffett looks at reports from the more than 80 businesses his Berkshire Hathaway conglomerate owns for insight.
But Buffett reiterated his concerns about income inequality in this country while the super-rich continue to thrive. He said America should be able to do more to help people who are struggling to do better.
Delta to help gay employees
NEW YORK – Delta Air Lines became the first major carrier Thursday to make same-sex domestic partners whole for additional income taxes they owe for health care plans.
Atlanta-based Delta will pay those taxes for employees retroactive to Jan. 1. The tax is only a problem for employees living in states that do not recognize their marriages; Georgia is one of them. Delta executives, pilots, flight attendants and other employees living there have to pay extra tax based on the value of the insurance.
Delta Air Lines Inc. is hardly the first major company to offer such benefits, known as “grossing up.” There are at least 40 large companies and law firms that make employees whole for the tax, according to the Human Rights Campaign Foundation.
Big drop in jobless claims
WASHINGTON – Initial jobless claims unexpectedly fell sharply last week to near their post-Great Recession low in a sign that the labor market remains healthy.
The number of people filing for first-time unemployment benefits dropped to 268,000, down 20,000 from the previous week’s upwardly revised figure, the Labor Department said Thursday.
Economists had expected a slight increase in claims. Instead, the figure was the lowest since 267,000 in the week ended Jan. 24.
The less-volatile four-week average also fell significantly to 285,500, from the previous week’s 300,250 level. Claims below 300,000 indicate a strong jobs market.
In addition, announced layoffs by U.S. businesses declined by 28 percent, to 36,594, in March from the previous month, career counseling firm Challenger, Gray & Christmas Inc. said Thursday. The figure was the lowest since December.
Supplements probe urged
Attorneys general from 14 states are calling on Congress to investigate the herbal supplements industry following a report from New York’s top prosecutor that alleged many products contained ingredients that were not listed on their labels and that could pose serious health risks.
The group, led by Attorneys General Eric T. Schneiderman and Greg Zoeller, asked Congress to give the Food and Drug Administration more authority to oversee the industry.
“We believe the safety and efficacy of these supplements is a matter of deep public concern across the country. We therefore urge you to take swift action,” the attorneys general said in a letter Thursday to lawmakers.
In February, Schneiderman sent letters to General Nutrition Corp., Target Corp., Wal-Mart Stores Inc. and Walgreen Co., demanding they stop selling their store-brand herbal supplements.
His office alleged 79 percent of products tested from the retailers had no DNA of the plants listed on the labels or were contaminated by wheat, rice, beans and other materials.