Jobs and Sales Reports, Madoff Money

MYFOXNY.COM - In news making financial headlines today: the weekly report on first-time claims for unemployment is out;; and clothing retailers are going flashy to attract more spending.

Text of NY Money Authority Lisa Murphy's Report:

JOBS, SALES REPORTS: Jobs and sales lead the economic report front today.  Before the opening bell, the Labor Department will release the weekly report on first-time claims for unemployment. This time, there was one less day for filing due to the July 4 holiday -- so the numbers may be off a bit.  Top retailers will post their June sales figures.

A house financial services subcommittee will hold hearings on the role of the federal reserve in the President's financial overhaul plan. 

CLOTHING BOLDER FOR FALL: Clothing retailers are going flashy to attract more spending. They're focusing more on bolder items this fall -- things like leather pants, leopard prints or sequined tops and skirts.  The idea is -- the standout items can be used with clothes already in a shopper's closet so recession-weary consumers don't have to spend a fortune on a new wardrobe. Some retail employees are asking customers what they already own when helping them pick out new items.  Retailers are expected to post a 4.5% decline in sales for June compared to last year.

MADOFF MONEY: A Connecticut bank is being sued as part of the Bernard Madoff scheme. Retirement account holders say they lost $60 million that Westport National Bank gave to Madoff.  It alleges the bank failed to perform it's obligations which would have required Madoff to deliver securities he claimed he bought for the investors.  The lawsuit also says the bank charged false account fees -- since it had no actual investments.  Madoff was sentenced to 150 years in prison for the multi-billion dollar scheme.