Here are some more top business stories for Friday:
Moody's cuts Lucent ratings further
New York, Nov. 1 (UPI) -- A leading credit rating agency said Friday that it cut the debt ratings of Lucent Technologies Inc. on increased liquidity concerns and a decrease in revenue.
Lucent's senior unsecured and senior implied ratings were downgraded to Caa1 from B2, Moody's said.
Personal spending dips 0.4 percent
Washington, Nov. 1 (UPI) -- U.S. consumers were less willing to part with their money in recent weeks, despite an increase in personal income, the Commerce Department said on Friday.
The government reported that personal spending dipped by 0.4 percent in September, marking the first decline since November 2001. But personal income inched up 0.4 percent during the same period, the department reported.
Retail levels may surprise at holiday
NEW YORK, Nov. 1 (UPI) -- Retail sales for the upcoming holiday season might be better than many retail experts anticipate, according to management consultants Ernst & Young LLP, which released Friday its annual holiday sales forecast.
The firm projects that U.S. retail sales for November 2002 to January 2003 will rise 4.8 percent by volume from a year earlier, compared with the 3.9 percent sales increase recorded during the holiday season in 2001.
