Wal-Mart to boost sourcing from US suppliers

(AP) Wal-Mart Stores Inc., the world's largest retailer, says it plans to significantly boost its sourcing from domestic suppliers over the next decade.

The plan is to be announced as part of an address by Bill Simon, president and CEO of Wal-Mart's U.S. business, at an annual retail industry convention in New York.

The company, based in Bentonville, Ark., says it plans to buy an additional $50 billion in U.S. products over the next 10 years. According to data from Wal-Mart's suppliers, items that are made, sourced or grown in the U.S. account for about two-thirds of the company's spending on products for its U.S. business.

Wal-Mart also said Tuesday that it will hire more than 100,000 veterans over the next five years.