NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Thursday, August 16.
Wal-Mart Deepens Gloom Around Retailers
Wal-Mart Stores Inc. deepened the gloom around retailers' results Thursday, reporting weak sales that it said will continue through the year as its low-income customer base remains cautious. The retailing giant said its fiscal second-quarter earnings rose 1.3%, but sales grew slower than expected as the retailer said consumers in both mature and emerging markets curbed their spending and traded down to lower-priced products. Wal-Mart cut its forecast for sales and profit for the year.
IKEA Recalls 40,000 Children's Beds in U.S., Canada
Furniture shop IKEA is recalling 40,000 children's beds in the U.S. and Canada after receiving reports they broke, posing an injury risk, the U.S. Consumer Product Commission said.
U.S. Jobless Claims Fall to Lowest Level Since October 2007
WASHINGTON-The number of U.S. workers seeking first-time unemployment benefits fell to its lowest level since before the recession, underscoring steady gains in the labor market. Initial jobless claims, a proxy for layoffs, decreased by 15,000 to a seasonally adjusted 320,000 in the week ended Aug. 10, the Labor Department said Thursday.
Lousy workers still getting bonuses
Companies are paying even their worst performers bonuses, raising questions about whether the incentives are really being used effectively, a recent survey found. One in four businesses will pay bonuses to employees who fail to meet performance expectations this year, according to a survey of 121 companies in the U.S. and Canada by Towers Watson.