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UPS drops some spouses from health benefits plan

United Parcel Service Inc. is ending health insurance benefits for U.S. nonunion employees' spouses who can get coverage elsewhere.

UPS estimates that 15,000 of the 33,000 spouses it covers can get insurance from their own employer and will be dropped from the UPS plan. UPS cited the 2010 health care law promoted by President Obama for the change.

"Since the Affordable Care Act requires employers to provide affordable coverage, we believe your spouse should be covered by their own employer — just as UPS has a responsibility to offer coverage to you," the company said in a memo to employees.

Applications for jobless benefits rise

The number of Americans applying for unemployment benefits rose last week after reaching the lowest level in 5 1⁄2 years. But the broader trend suggests companies are laying off fewer workers and could step up hiring in the months ahead.

The Labor Department said yesterday that applications for first-time benefits rose 13,000 to a seasonally adjusted 336,000 in the week ending Aug. 17. That's up from 323,000 in the previous week, which was the lowest since Jan. 2008.

The four-week average, which smooths week to week fluctuations, fell by 2,250 to 330,500. That's the sixth straight decline and the lowest for the average since November 2007.

A & F reports 33% drop in profits

Abercrombie & Fitch is the latest retailer to catch a case of the teenage blues.

A&F's shares plummeted yesterday after the store chain reported a 33 percent drop in second-quarter profit and warned that business would get even worse in the current quarter, which includes the final stretch of the back-to-school selling period. The teen retailer's results missed analysts' estimates and its third-quarter earnings forecast came in well below Wall Street expectations.

The stock tumbled nearly 18 percent, or $8.27, to close at $38.53.

TODAY

 Commerce Department releases new home sales for July.

 451 Marketing announced that Susannah Grossman, left, has joined the 451 Marketing team as account executive. Grossman is responsible for planning and executing communications campaigns for many 451 Marketing clients, including Boston Chops, Deuxave, Puritan & Co. and 51 Lincoln.

 Comverse, a telecom business enablement company, announced that Andreas Herzog has been named to lead the Comverse Managed Services organization. Herzog brings deep knowledge and industry-recognized experience in all aspects of managed/transformation services.

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