Wal-Mart to buy more US-made goods

Wal-Mart, the world's biggest retailer, said Tuesday it would spend $50 billion more on US-made goods and boost hiring of military service veterans to support the nation's economy. Wal-Mart Store's retail chains in the United States, Walmart and members-only Sam's Club, will buy an additional $50 billion worth of domestic products over the next 10 years, the company said. Wal-Mart noted that two thirds of its spending on products for Walmart US already goes to US products. The US goods included in the latest move include sporting goods, apparel basics, storage products, games, and paper products. It pledged to help promote US production in "high potential" areas like textiles, furniture and higher-end appliances. The nation's largest employer also announced plans to hire more than 100,000 military veterans over the next five years. Beginning on May 27, this year's Memorial Day holiday, it will offer a job to any honorably discharged veteran within the first 12 months of his or her leaving active duty. "Taking action on the economy is our responsibility as Americans, but it's also our opportunity as retailers," Walmart US president and chief executive Bill Simon said at an annual retail industry convention, according to the text of his speech. "We in this room can invest. We can grow, and we can hire -- and we can use the power of what we buy and sell to make a difference." The Bentonville, Arkansas-based company employs about 1.4 million people in its Walmart chain. Wal-Mart shares were up 0.6 percent to $68.71 in afternoon trade in New York. The move follows a rise in domestic production by several US companies in the past several years, due in part to rising wages for production abroad and a desire to bring output closer to clients.