The US Department of Labor says the economy added 175,000 jobs in February. Much better than anyone had expected. The private sector added 162,000 jobs and governments added 13,000. The unemployment rate stands unchanged at 6.7%.
The nation’s second largest grocer, Safeway, is being sold to the private equity firm Cerberus for more than $9 billion in cash and stock. The sale will put Albertson’s and Safeway in the same ownership group. The expanded lineup has over 2400 stores and will put it in competition for the nation’s largest grocer with Kroger. (Reuters)
As the era of the private sector pensions in the US comes to an end, Boeing is freezing the pensions of 68,000 nonunion and executive employees. Retirement benefits will now come in the form of a 401k. The move will help curb the $3.5 billion in pension expenses they have incurred over the last year. (Bloomberg)
Ragu -- “America Favorite Pasta Sauce” -- is being placed on the sales block by its parent Unilever for a reported $2 billion. Unilever is selling its food brands including Skippy and Wishbone last year. The company bought Ragu in 1987. (Bloomberg)