Briefcase

Service sector grows for 18th straight month

WASHINGTON – The U.S. economy’s service sector, which employs 90 percent of the nation’s work force, grew in May for an 18th straight month, posting slightly faster growth than in April.

The Institute for Supply Management said Friday that its index tracking the health of service companies increased to 54.6 in May from 52.8 in April.

In February, the index hit a five-year high with a reading of 59.7, but it fell in March and April as the service sector was battered by the sharp jump in energy prices. Any reading over 50 indicates expansion in the sector.

Associated Press

Yakima Valley crops delayed by weather

YAKIMA – A cool, wet spring has put many Yakima Valley crops behind schedule.

The Yakima Herald-Republic reports some farmers are just getting into fields to plant corn or other crops that normally would be in the ground by now.

The asparagus harvest is winding up, but the size of the crop was reduced by the weather.

The president of the Washington State Fruit Commission, B.J. Thurlby, says the cherry harvest will be delayed and there may not be many available to retailers for the Fourth of July.

But, he says, the cherry harvest this year is likely to extend well into August.

Associated Press

Wal-Mart unveils share buyback program

FAYETTEVILLE, Ark. – Wal-Mart Stores Inc. unveiled a $15 billion share buyback program Friday as it hammered home its message to shareholders at its annual meeting that the world’s largest retailer will keep growing.

At a packed basketball arena at the University of Arkansas, CEO Mike Duke said Wal-Mart would add sales wherever it can: overseas, online, and in small towns and big cities.

“We are right in the sweet spot of the ‘next-generation’ customer. …They’re connected to the world through smartphones and social media. … They’re in charge of when they shop and how they shop. They know who has the lowest prices. But to succeed, we must also be the best at how we run our business,” Duke said.

Associated Press

U.S. agency blocks Canadian oil pipeline

WASHINGTON – The U.S. pipeline safety agency Friday blocked a Canadian company from restarting its Keystone oil pipeline until U.S. officials are satisfied the company has made required repairs and completed safety tests.

The order by the Pipeline and Hazardous Materials Safety Administration cites two leaks last month on the 1,300-mile pipeline, which carries oil from Canada through North Dakota, South Dakota and Nebraska. One arm then travels through Missouri to Illinois, while another goes through Kansas to Oklahoma.

A spokeswoman for the pipeline agency said Friday that federal inspectors will closely review repair work done by the pipeline’s owner, Calgary-based TransCanada. The company reported a May 7 leak of about 400 barrels in North Dakota, and a leak of about 10 barrels last Sunday in Kansas.

Associated Press