Finance & Business World

U.S. employers hired far fewer workers in March than in previous months, keeping the door open for the Federal Reserve to provide more monetary support for a still sluggish economy.

The report was seized upon by Republicans hoping to make the weak economy the centerpiece of their campaign for November’s presidential and congressional elections.

Even as the unemployment rate fell to a three-year low of 8.2 percent, job growth slowed to 120,000 last month, the Labor Department said on Friday, the smallest increase since October.

That was less than half the average monthly increase in the prior three months and way below the lowest estimate in a Reuters survey. Economists had expected an increase of 203,000 and the jobless rate to hold at 8.3 percent.

The numbers likely reflected the fading boost from unseasonably warm winter weather and brought the job market, which had been showing surprising strength since December, more in line with signs of a broader slowdown in the overall economy.

It also backed the caution expressed by Fed Chairman Ben Bernanke last week about whether the labor market could sustain gains above the 200,000 mark when economic growth is tracking a sub-par rate. The data raises the chances of the U.S. central bank launching a third bond buying program or quantitative easing.

“The economy may not be growing as strongly as the data around the turn of the year, benefiting from favorable weather, suggested,” said Michelle Girard, senior economist at RBS in Stamford, Connecticut. “While QE3 may not be seen as the odds-on bet, nothing can be ruled out.”

The retail sector surprisingly shed jobs for the second straight month, pulling down job growth in the massive private service sector. Economists were puzzled by the drop given that retailers such as Macy’s and Target reported brisk business in March.

Manufacturing jobs picked up a little and workers saw an increase in their overtime hours, helped by carmakers trying to meet pent-up demand for motor vehicles. Factory jobs increased 37,000 in March and 31,000 in February.

That contributed to lifting hourly earnings by five cents last month, which should help to support spending.

Prices for U.S. Treasury debt rallied on the report, pushing yields to more than three week lows, as investors anticipated further bond purchases by the Fed. The dollar fell against a basket of currencies. The New York Stock Exchange is closed for the Good Friday holiday.

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US non-farm payrolls graphic: link.reuters.com/wej57s

Graphic on US unemployment: link.reuters.com/zej57s

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GIVE UP THE SEARCH FOR WORK

The cooling in hiring last month, if sustained, could hurt President Barack Obama’s chances of re-election in November payday loans.

White House economic adviser Gene Sperling said the data showed the U.S. economy is making progress, but still has a long way to go.

Mitt Romney, his likely Republican opponent, called the report “very troubling”.

“It is increasingly clear the Obama economy is not working and that after three years in office the President’s excuses have run out,” he said.

While the unemployment rate fell to its lowest level since January 2009, that was mainly because some people gave up the search for work. The household survey - from which the jobless rate is derived and is separate to the measure of new jobs - showed a drop in employment for the first time since June.

The unemployment rate has fallen from 9.1 percent in August.

In one of only a few brighter parts of the report, a broad measure of unemployment, which includes people who want to work but have stopped looking and those working only part time but who want more work, fell to a three-year low of 14.5 percent from 14.9 percent.

The economy is believed to have slowed in the first quarter to around a 2 percent annual rate from the 3 percent rate in the October-December period.

Despite the slowdown in job growth last month, several economists said it was not the start of a new trend and were hopeful the labor market would not see a repeat of the spring of 2010 and 2011 when job creation faltered.

“This is not the new run rate for payrolls, but it will feed fears of that will work to the advantage of the Fed because it will keep rates lower,” said Eric Green, chief economist at TD Securities in New York.

“This will fade because we have had this adjustment for the seasonal effects. What we do from here is we move back to 200,000 (jobs) in coming months.”

Last month, the services sector added only 90,000, a sharp step back from February’s 204,000 gain in payrolls. That was in stark contrast with a survey on the services sector, showing a relatively strong increase in employment.

Retail employment fell dropped 33,800 after falling 28,600 the prior month.

“It’s puzzling, I don’t think it will continue because the reports from retailers have generally been upbeat. I struggle to understand why these numbers would be so negative,” said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts.

Construction hiring fell 7,000, the second straight monthly decline. Temporary help fell 7,500 after rising 54,900 in February. Government employment edged down 1,000 after rising 7,000 in February.

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Spending on prescription drugs in the U.S. was nearly flat in 2011 at $320 billion, held down by senior citizens and others reducing use of medicines and other health care and by greater use of cheaper generic pills.

Last year, spending on prescription drugs rose just 0.5 percent after adjusting for inflation and population growth, according to data firm IMS Health. Without those adjustments, spending increased 3.7 percent last year. The volume of prescriptions filled fell about 1 percent.

That continues a trend of restrained spending that began in 2007, when prescription spending dipped 0.2 percent. Before then, IMS generally reported annual increases of several percent. But since the Great Recession started, prescription spending has fallen or risen only slightly each year except for 2009.

IMS said Wednesday that it appears patients are still rationing their health care, with visits to doctors down 4.7 percent and hospital admissions down 0.1 percent. However, emergency room visits jumped 7.4 percent, a sign some people aren’t seeking care until they are very sick.

“We think we’ve reached a tipping point, where people are thinking they’re paying too much and they’re changing their behavior,” said Michael Kleinrock, head of research development at the IMS Institute for Healthcare Informatics.

Fewer visits to doctors and other health care providers results in fewer prescriptions, which holds down spending in the short term. But that doesn’t bode well for future health care costs, because many of the medicines people are doing without are taken for years to prevent heart attacks and other expensive complications of chronic conditions such as heart disease and diabetes, Kleinrock said.

“The ultimate result is that we will have more sick people driving health care costs” down the road, he said.

People 65 and older cut back on the number of prescriptions filled by 3.1 percent last year, particularly for medicines for high blood pressure. That was despite a 10 percent decline in average prescription co-payments under the Medicare Part D program, to $23.31, due to bigger discounts when patients hit the so-called doughnut hole coverage gap.

Only one group increased prescription use last year. People 19 to 25, now able to stay on their parents’ health insurance plans under a provision of the Patient Protection and Affordable Care Act, boosted their use by 2 percent. That was led by more use of antidepressants and attention deficit disorder drugs.

Kleinrock noted the company’s data indicate both people with and without insurance are having trouble paying for medicines and other health care, and so are limiting or postponing treatments. For instance, insured patients spent $1.8 billion less out of pocket last year, at a total of $49 billion.

Meanwhile, use of inexpensive generic medicines continues to climb, hitting 80 percent of all prescriptions filled last year.

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Missouri Employers Mutual Insurance Co. plans to pay about $2 million in dividends to 11,033 policyholders this spring, the state-sponsored workers’ compensation company announced today.

It will be the company’s first dividend since its creation by the State Legislature in 1993. The company has accumulated a surplus of about $163 million.

“It took many years of successful operation before we established the financial strength needed to pay a dividend,” Jim Owen, the insurer’s president and chief executive, said in a written statement pay day loans.

MEM’s first dividend recognizes policyholders whose policies were effective in 2009, company officials said. Policyholders at all premium levels will receive a percentage of the premium they paid based on their loss ratio results. Dividends will not be paid to policyholders whose policies had too high a loss ratio.

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Stock futures are mixed Wednesday after a rocky start to the week, with the latest housing report expected to show previously occupied home sales are reaching a clip not seen in two years.

Dow Jones industrial average futures rose 7 points to 13,115 and the broader Standard & Poor’s 500 futures rose 0.2 points to 1,400.2. But Nasdaq 100 futures slipped 1.25 points to 2,734.25.

Stocks closed lower Tuesday for only the second time in two weeks as China hinted at a slowdown.

European markets rallied early after a similar sell-off Tuesday as worries fade about the debt crisis, at least for now.

In Europe, Germany’s DAX rose 0.2 percent to 7,065 while the CAC-40 in France was 0.3 percent higher at 3,542. The FTSE 100 index of leading British shares was up 0.1 percent at 5,897 ahead of the government’s annual budget.

Asian markets, however, remain unsettled by the latest signs of a slowdown in the Chinese economy.

The Nikkei 225 index in Japan, which counts China as its most important trading partner, fell 0.6 percent to 10,086.49, while Hong Kong’s Hang Seng shed 0.2 percent to 20,856.63. China’s main Shanghai index recovered 0.1 percent to close to 2,378 paperless payday loans.20, having dropped sharply in the previous session.

U.S. traders appeared more optimistic 30 minutes before the opening bell and ahead of the latest housing data, which is expected a half hour after the market opens.

There has been some good news in each of the housing reports released during the first two days of the week, and more of the same is expected Wednesday.

The National Association of Realtors releases its report on February home re-sales, and economists expect that sales increased to a seasonally adjusted annual rate of 4.6 million last month, according to a FactSet survey.

Shares of homebuilders rose in premarket trading. Hovnanian Enterprises Inc. rose 4 percent to $2.89. Lennar Corp., PulteGroup Inc., and KB Home rose as well.

The tech sector may get a boost after Oracle Corp. reported late Tuesday that sales of new software licenses accelerated in the third quarter, suggesting that the broader economy is healing. Oracle shares were up 2 percent at $30.70 in premarket trading.

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Gasoline prices jumped in January, leading overall consumer prices higher and offering a reminder of the risks energy costs pose to the economic recovery.

Despite the warning signal, overall consumer prices rose just 0.2 percent, the Labor Department said on Friday, which is unlikely to ring alarm bells at the Federal Reserve.

Strong jobs and factory data have eased worries U.S. economic growth could slow sharply, but tensions between Western nations and Iran still threaten to hand the economy a repeat of 2011 when a spike in energy prices hit the recovery hard.

“The greatest concern is that geopolitical strains in the Middle East will spill over into the oil market, pushing prices higher in a replay of last year’s oil price spike,” economists at Bank of America said in a note to clients.

For the Fed, an energy prices spike would represent a quandary: it could hurt the economy even as it boosts inflation. Gasoline prices increased 0.9 percent in January and they have continued to move higher this month.

“Consumers are going to feel a gasoline pinch in the first half of this year,” said Chris Christopher, an economist at IHS Global Insight.

The report also showed so-called core prices, which strip out food and energy costs, rose 0.2 percent, pushing the increase over the last 12 months up to 2.3 percent.

While the year-on-year reading on overall prices has been easing, the steady pick-up in core suggests inflation pressures are not subsiding as quickly as expected, and it could lead to some wariness at the Fed about launching another round of bond purchases to drive borrowing costs lower.

“At the margin it does lean against the case for more (bond purchases),” said JPMorgan economist Michael Feroli.

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Graphic on January U.S. CPI: link.reuters.com/xyr66s

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CAUTION REIGNS

U.S. stocks were little changed following the data, with investors reluctant to continue buying a day after the S&P posted its best daily gain in two weeks. Treasury debt prices edged down and the dollar was flat against a basket of currencies.

A separate report by the private Conference Board showed a gauge of future U.S. economic activity rose to a 3-1/2 year high in January on solid gains in manufacturing.

Last month, Fed Chairman Ben Bernanke left the door open to further Fed bond buying to boost growth, but a steady stream of upbeat data in recent weeks has led analysts to dial down their expectations for a further easing of monetary policy.

In January, used car and truck prices fell 1.0 percent and new vehicle prices were flat, moderating the overall gain in core prices. Policymakers watch core prices closely because they see them as a better guide to inflation trends.

Despite the spike in gasoline prices, overall energy prices rose just 0.2 percent because electricity prices were flat and costs to consumers for piped natural gas services fell 2.9 percent.

Even so, gasoline prices remain a threat to the economy, with oil hovering near $120 a barrel on Friday. Iran, which Western nations accuse of seeking to develop nuclear weapons, is facing sanctions that could cripple its oil exports.

After rising throughout January, the national price for regular unleaded gasoline in the United States rose to $3.58 a gallon in the week through Monday, according to the Energy Information Administration. It had started the year around $3.32 a gallon.

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Europe won modest respite from its debt crisis Wednesday as Germany and Portugal borrowed with relative ease ahead of a hazard-filled few weeks for the 17 nations that use the euro.

But Greece’s new prime minister warned that his debt-crippled country has only three months to come up with new reforms so his country can stay in the eurozone and avoid a potential default _ a reminder of how the crisis can flare up at any time. And the news that a major Italian bank had to offer an unexpectedly large discount to raise new capital showed just how wary investors are of Europe’s shaky banks.

So far this year, markets have pushed concerns about Europe to one side, especially as countries have managed to raise the money they need.

Germany, the biggest contributor in Europe’s bailouts, managed to sell euro4.06 billion ($5.3 billion) in its benchmark ten-year bonds Wednesday at an average yield of 1.93 percent, down on the previous 1.98 percent it had to pay. And Portugal, which was bailed out last April, paid a markedly lower interest rate to borrow euro1 billion ($1.3 billion) in three-month treasury bills.

But Italian bank UniCredit saw its share price tumble over 10 percent on the news it was selling new shares at a large 69 percent discount to Tuesday’s closing price. UniCredit is trying to raise euro7.5 billion ($9.8 billion) to meet new European requirements for banks to thicken their financial cushions against possible losses.

Banks are an integral part of the debt crisis because they hold government bonds. A default or steep fall in the value of government bonds could inflict heavy losses on banks and choke off credit to the European economy. That’s why the regulatory authorities want Europe’s banks to raise their buffers by euro115 billion ($150 billion) over the next few months.

The German and Portuguese auctions come ahead of severe tests for eurozone leaders as they try to navigate their way out of a crisis over too much debt in some countries.

Eurozone governments are struggling to convince financial markets that indebted governments will not default and should be able to borrow at affordable rates to repay debts as they come due. Greece, Ireland and Portugal have needed bailouts, while much larger Italy and Spain have seen their borrowing costs rise ominously.

Italy, the recent focus of the crisis, must borrow to cover euro53 billion ($69 billion) in expiring debt in the first quarter alone in debt auctions beginning Jan. 13. That will test whether the government of new Prime Minister Mario Monti is making progress in regaining market confidence through budget cuts and efforts to improve weak economic growth.

Further trouble could come from a slowing eurozone economy that may already have shrunk in the fourth quarter.

Additionally, Greece must also win approval of a second, euro130 billion ($169 billion) bailout, without which it can’t pay its debts, and strike a deal with creditors for a 50 percent reduction in their holdings of Greek debt to try to put the country back on its feet.

Greek Prime Minister Lucas Papademos warned union leaders and business groups Wednesday that decisions made in the next few weeks, ahead of a new visit by international debt inspectors, will determine whether Greece remains in the 17-nation eurozone or reverts to its pre-2002 currency, the drachma.

Portugal looks like it’s in better shape at the moment. The rate it had to pay at its auction fell to an eight-month low of 4.346 percent. Although Portugal cannot tap long-term bond markets at a reasonable price, it has sought to maintain a market presence by issuing shorter-term debt.

Analysts said the improvement may represent a sign that Portugal is regaining the markets’ confidence as it carries out spending cuts and revenue increases in return for its euro78 billion ($102 billion) bailout.

“There’s been an improvement in the risk perception of Portuguese debt, which has driven rates down” said Filipe Silva, debt manager at Portuguese financial group Banco Carregosa. “Now we just need to see whether it holds.”

Germany’s auction was better than one in November which raised fears that Europe’s debt crisis was spiraling out of control when the government sold only 65 percent of debt on offer.

Still, there was some concern over the amount of German bunds investors actually wanted Wednesday. Bids for euro5.14 billion ($6.7 billion) worth of bonds exceeded the full amount on offer of euro5 billion ($6.5 billion), but only barely, counting euro943 million ($1.23 billion) the government kept back for secondary market operations.

“Yes, it was covered, so that’s a relief,” said Marc Ostwald, a markets strategist at Monument Securities. “On the other hand, the coverage was poor.”

Germany can borrow cheaply because its economy is the strongest in the eurozone but concerns about the costs of bailing out fellow eurozone nations have raised questions about Germany’s finances as well.

Wednesday’s auction results follow a recent trend. On Tuesday, the Netherlands saw its borrowing rates fell to near zero percent in a pair of short-term auctions, in a sign that investors are searching out what they consider to be Europe’s safer assets.

Italy also sold large chunks of debt last week and analysts say the run of smooth auctions may be largely due to a massive euro489 billion ($636 billion) infusion of cheap, 3-year credit to eurozone banks by the European Central Bank.

Some of that cheap money may be being used by some banks to buy higher-yielding short-term debt. Italy’s longer-term borrowing rate in the markets remain at dangerously elevated levels near 7 percent, a point that prompted Greece, Ireland and Portugal to seek bailouts.

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The Obama administration will ask Congress to increase federal borrowing authority by $1.2 trillion as the nation approaches the debt limit set by law, according to a Treasury Department official.

The White House will send the request to Congress on Dec. 30, the day the debt is projected to rise to within $100 billion of the $15.194 trillion limit, the Treasury official told reporters today on condition of anonymity.

Congress will be notified under the terms of a deal to raise the limit worked out on Aug. 2 after months of wrangling between the administration and Republican lawmakers. Three days later, Standard & Poor

Comedian and commentator Rick Mercer’s distinct take on Canadian politics and social issues can be caught on the Rick Mercer Report every Tuesday at 8 p.m. on CBC. In our series on the financial habits of notable Canadians Mercer told the Toronto Star’s Emily Mathieu about his $19,500 row house, why trying to make a living in show business is a gamble and why entertainers, thanks to the nature of their industry, tend not to retire.

How did your childhood influence your attitude toward money?

My parents were pathological about living within their means and there simply wasn’t a lot of money. So as a family there were no trips to Florida but lots of camping trips, the driveway wasn’t paved (still isn’t) but there was money for music lessons, the house is small and had one bathroom for a family of six but it was paid for.

For people who had relatively little money my parents didn’t actually stress about money because they avoided debt. They certainly made a lot of sacrifices. As kids we knew that they would help out with post secondary education, for example, but the entire time I was growing up I doubt my father ever paid more than a thousand dollars for a truck, and he would paint them with a brush. I can’t actually think of anything that my father needed that he bought new.

Even now if I mention to Dad that I went to Canadian Tire and bought a lawn mower I know what he is thinking “Hmm, bought a new lawn mower, fool and his money”.

What was the best financial advice they passed on?

My father said never loan money to friends or at least never loan money and expect it back. If you are in a position to help a friend that’s great and you are in fact obligated to, but don’t expect it back. He was adamant that allowing a friendship to be damaged because of bad feelings around money is inexcusable.

What was your first big purchase?

My first house. I was 19 years old, I paid $19,500 for a very skinny row house, attached on both sides, attached to 20 other houses and a Chinese take out. The house was essentially condemned; it came with a huge binder of work orders from the city of St. John’s.

I was the cliché of a starving actor and actually couldn’t afford to live in an apartment. Owning the house allowed me to live on my own and concentrate on working in comedy. My cousin and a few friends rented rooms for $75 bucks a month. I financed it with $4,000 down which was money that my parents had planned to give me for university. I had payments of $300 dollars a month on a $15,000 dollar bank loan. The down payment from my parents was a hand up that changed my life.

How do you prefer to pay, cash, card or debit?

I have no preference no fax payday loans. But I’m careful to pay off my cards monthly. Which I understand is a luxury.

Do you bank online?

Very little.

What has been your savviest investment?

Canadian Banks. Boring old Canadian Banks back in the early 90s.

Have you learned any financial lessons the hard way?

Yes I have and the tip I would give for anyone who is playing around in the market is to avoid people with hot tips.

What advice would you give to people about to enter the entertainment industry?

It depends on what area. There are lots of very good stable jobs in the entertainment industry. It’s an exciting industry. That said if a young person says they want to be a professional actor or musician I generally say don’t. A person doesn’t become an actor, a musician or a dancer because other people encouraged them, they do it because they have to, it is in their blood and they can’t imagine doing anything else.

If you can imagine doing something else you should probably concentrate on that. Being an artist or a performer is a very difficult life, there is no job security. In show business you can’t make a living but you can make a killing, it is a big gamble.

Was there a moment in your career where you felt you had achieved financial security?

Yes and no I don’t care to elaborate.

Do you worry about retirement?

I don’t worry about retirement but I do worry about not working. One of the great things about being an actor or a writer is you never have to stop working. I look forward to playing a crotchety old man.

But all actors worry about not working. When I bump into Gordon Pinsent he will talk about work, where the next job is, etc. He’s worked more than almost any actor alive, he could have retired comfortably decades ago but he is an actor and that’s what actors do, they worry about their next job.

Can money buy happiness?

It certainly doesn’t hurt. Anyone who says otherwise is lying. Money can mean not having to worry about paying the bills and there is no doubt about it for the vast majority of people that is the number one cause of stress in their life. But it all comes back to living within your means.

I’m sure there are people with massive salaries and five million dollar cottages in Muskoka they visit for two weeks a year stressing about bills at the end of the month. So one thing we do know is money can’t buy smarts.

Are money and success the same thing?

Absolutely not.

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India’s Cabinet decided Thursday to allow more direct foreign investment in the nation’s huge retail industry, a move that could strengthen the country’s food supply chain and open India to giant global retailers such as Wal-Mart.

The Cabinet approved 51 percent foreign direct investment in multibrand retail and increased the FDI cap in single-brand retail to 100 percent despite resistance from both allies and opposition parties.

India currently allows 51 percent foreign investment in single-brand retailers and 100 percent for wholesale operations.

Top retailers like Wal-Mart, Carrefour, Tesco and IKEA have long lobbied to free the policy further. Foreign multibrand retailers have Indian partners in wholesale operations now but have no retail presence in the country of 1.2 billion people.

The spokesman for the ruling Congress party, Abhishek Manu Singhvi called the decision “centrist and reasonable.” He was speaking to NDTV news channel.

The main opposition, the rightwing Bharatiya Janata Party, decried the move.

“The government has clearly bowed to international pressure,” Chandan Mitra, a spokesman told the same TV channel.

Wal-Mart, British-based Tesco PLC and French-based retailer Carrefour welcomed the decision.

“We believe that allowing 51 percent FDI in multi-brand retail is a first important step,” Raj Jain, president of Walmart India, said in an e-mailed statement. “However, we will need to study the conditions and the finer details of the new policy and the impact that it will have on our ability to do business in India,” the statement added.

“Allowing foreign direct investment in retail would be good news for Indian consumers and businesses, and we await further details on any conditions,” Tesco said in its statement.

Tesco currently has a franchise arrangement with Tata Group’s Star Bazaar hypermarket chain, supplying merchandies to outlets in India.

Carrefour opened a New Delhi store last year and would not say what explansion plans might lie ahead.

“This legal evolution should contribute to modernize the Indian food supply chain and to fight against food inflation for the benefit of Indian customers,” its statement said. It added the decision would help India’s farmers and the nation’s general economic development.

Ashish Sanyal, managing director of AMP Retail Services Pvt. Ltd, said, “It’s a good decision that will benefit everyone.” He is a consultant who helps retailers enter India.

More details on the Cabinet decision were not immediately available.

India’s $400 billion retail market is the nation’s second-largest employer, after agriculture, according to consulting firm Deloitte.

Advocates see the move as a way to strengthen India’s almost absent food supply chain _ which is so beset by spoilage, poor infrastructure, hoarding and middlemen that the government estimates some 30 percent of produce rots in a nation with soaring food costs and tens of millions who go to bed hungry each night.

If companies like Wal-Mart and Tesco are allowed to open shops of their own, they may invest billions in improving farming techniques and getting produce into stores more efficiently, bringing down food inflation _ which has averaged 10.5 percent over the last year _ and possibly improving rural incomes.

The Ministry of Commerce says it will cost 76.9 billion rupees ($1.7 billion) to build the additional 35 million metric tons of food storage India needs.

In a July paper, it suggested that loosening restrictions on foreign investment in India’s retail sector could be the best way to get more storage space built.

Yet the country has struggled to find consensus because of concerns about what it would mean millions of small shopkeepers as well as the poor.

Sanyal said small businesses had nothing to fear.

“At the end of the day this is like the high tide. All boats will rise. We will learn from the big retailers.”

Political deadlock on long-promised reforms like this has helped cool foreign investor interest in India. Policymakers are under acute pressure to find ways to attract foreign currency to help strengthen the rupee, which hit an all-time low against the dollar this week.

Traders say the central bank has been buying rupees in recent days but those measures are unlikely to reverse the currency’s plunge absent more far-sighted policy reform.

In July, this year a government committee studying multi-brand retail had cleared the idea and suggested $100 million as minimum investment for foreign companies.

The discussions on opening up India’s retail sector have been going on for 10 years.

“There is a limit to how much time we can spend on a decision,” Singhvi said.

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Walmart has already posted maps online showing where low-priced laptops and Xbox 360 consoles will be placed throughout its stores on Black Friday.

Old Navy is handing out a limited number of free digital cameras to customers who spend at least $40. And Best Buy is playing the movie “Harry Potter and the Deathly Hallows: Part 2″ on a big screen and offering free kettle corn and energy drinks to folks waiting in line outside of its Fairview Heights store.

And yes, many stores and shopping malls are opening earlier than ever