Retail sales up strongly in February
Retail sales, bolstered by a rebound in demand for autos, rose a healthy 0.5 percent in February, the Commerce Department reported Tuesday.
In addition to a solid sales performance last month, the government revised sharply higher its estimate for sales activity in January, showing a gain of 0.3 percent rather than the original estimate that sales had fallen by 0.3 percent at the beginning of the year.
Taken together, the two months showed that the consumer buying spree that began with a 1.3 percent sales surge in December was continuing in the new year despite stormy winter weather and rising energy prices.
Stonecipher resigns from Paccar board
Bellevue, Wash. Harry Stonecipher, ousted earlier this month as Boeing Co.’s chief executive, has resigned from the board of Paccar Inc., the company said Tuesday.
Bellevue-based Paccar’s board of directors said it had accepted Stonecipher’s resignation, effective immediately. Paccar makes trucks under the Kenworth, Peterbilt, DAF and Foden brand names.
Stonecipher resigned from Chicago-based Boeing amid revelations that the married executive violated the company’s code of conduct and had an affair with a female Boeing executive.
Board urges 14 percent IRS budget increase
Washington
An independent board recommended on Tuesday a 14 percent boost to the Internal Revenue Service budget, concerned that less money would mean erosion in customer service or tax law enforcement.
However, IRS Commissioner Mark Everson said he’s satisfied with the budget requested by the White House, which would deliver a boost of 4 percent if accepted by lawmakers.
The IRS Oversight Board, a panel of private-sector advisers, said the tax agency’s budget should increase to $11.6 billion in 2006 to pay for more tax law enforcement and computer modernization.
Medical error reporting raises concerns
Many hospital administrators are leery of the push toward mandatory reporting of medical errors, saying such practices will lead to more lawsuits and ultimately less openness without improving patient safety, a survey found.
The 2002-03 survey of 203 chief executives and chief operating officers was published in today’s Journal of the American Medical Association.
More than 80 percent said if reporting to a state agency were required, the identities of the offending hospitals and doctors should be kept confidential.