Economists - Consumer confidence drop normal

NEW YORK -- Anxiety about the job market is causing consumer confidence levels to dip, while housing sales also are slowing. But economists aren't worried, saying the pullbacks are a normal kink in the economy's path to recovery. The Conference Board reported Tuesday that its consumer confidence index slipped to 91.3 in December. A retreat had been expected, although the latest number was below expectations; analysts had forecast the index would come in at 92.2. Also Tuesday, the National Association of Realtors reported that sales of previously owned homes declined by 4.6 percent in November.

FedEx buys Kinko's for $2.4 billion

MEMPHIS, Tenn. -- Shipping giant FedEx Corp. agreed to buy copy shop chain Kinko's for $2.4 billion to gain a longer reach into retail markets and help it compete with major rival UPS. The cash purchase, expected to be completed in the first quarter of 2004, will put FedEx operations in Kinko's 1,200 stores across the United States and abroad. Buying Kinko's puts FedEx on more even footing with UPS.

America West pilots approve new contract

TEMPE, Ariz. -- America West Airlines pilots voted to ratify a new three-year contract Tuesday, giving the pilots an immediate raise and resolving nearly four years of negotiations between the two sides. The contract gives the airline's 1,700 pilots an 11 percent raise in January. An additional 3 percent raise kicks in after three years, said union spokeswoman Amy Scarlett.

Sales of new cars, trucks go upward in December

DETROIT -- Generous consumer incentives and an improving economy appear to be lifting sales of new cars and trucks to one of the highest levels of the year in December, analysts say. A Goldman Sachs analyst predicts a seasonally adjusted annual selling rate of 18 million vehicles in December. That would be well above November's rate of 16.8 million but off a few percentage points from last December, when General Motors Corp. drove a robust month by pouring on incentives to meet year-end market-share goals.

-- From wire reports