Some notable stories for today:
President Barack Obama’s approval rating is falling on concern unemployment is rising and the budget deficit will grow, a Quinnipiac University poll shows.
The number of U.S. workers filing new claims for state jobless benefits fell last week, providing another glimmer of hope that the economy may be on the road to recovery.
Federal Reserve officials could move in the coming weeks to extend the life of a program aimed at reviving consumer and business lending markets.
The program — called the Term Asset-Backed-Securities Loan Facility, or TALF — will be one of several issues on the table at the Fed’s next policy meeting Aug. 11 and 12, when Fed governors meet with presidents of the Fed’s 12 regional banks to set a path for interest rates.
The product, Tide Basic, is currently for sale in about 100 stores throughout the South. It lacks some of the cleaning capabilities of the iconic brand — and costs about 20% less. Its very existence is one of the most telling signs to date of how the sour U.S. economy is forcing mass marketers to shift course. On Wednesday, the company reported an 18% plunge in fiscal fourth-quarter profits as sales of its premium-priced brands shrank amid tightened consumer budgets.