September 14, 2012
Happy Friday, Fools! Let's dig in.
U.S. consumer prices jump upward
The consumer price index increased by 0.6% in August, according to Labor Department figures cited in a Bloomberg report. Last month's cost of living increase was the biggest since June 2009, Bloomberg says. Furthermore, average hourly earnings fell 0.7% in August. According to Bloomberg, the Labor Department reports that the vast majority -- 80% -- of the consumer price index increases come from rising fuel costs.
Greece may receive debt extension
Greece's creditors have hinted that the struggling country might have more time to get its budget in order, The Associated Press reports. The Greek government has requested a two-year extension for its budget-reduction plan, and the AP reports that finance ministers were signaling on Friday that the country's requests may be accepted. That said, the ministers were not as enthusiastic about the possibility of a third bailout for the country.
Home Depot shutting down seven stores in China
Home Depot (NYSE: HD ) has announced it will close seven of its bricks-and-mortar stores in China, The Wall Street Journal reported this morning. Soft growth and cheap labor in the Chinese economy made it difficult for Home Depot to get a foothold in the country's home-improvement market, the Journal says. The company will also take a $160 million after-tax charge because of the closures.