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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Aug 01, 1997
Page
5
U S GDP grew 2.2 percent in the April-June quarter down from 4.9 and 4.3 percent earlier, with economists saying the slowdown is temporary. Consumer spending slowed to 0.8 percent while business investment rose 15.1 percent, inventories shrank, and trade worsened as imports surged.
Virginia’s unemployment dropped to 4.7 percent in June from 4.9 percent a year earlier, with total employment rising to a record 3,585,000. Rockingham County posted 2.0 percent while Dickenson County reached 21.4 percent, and Charlottesville urban areas stood at 2.6 percent amid Newport News Virginia Beach Norfolk’s 6.1 percent urban rate.
The Dow Jones fell about 32 points to 8222 on Thursday while popular stock gauges reached new highs as bond yields slid to a 17 month low. Traders noted a narrow day of trading with broad indicators following the bond market uptrend after the Commerce Department showed GDP grew at 2.2 percent in Q2 and revised Q1 growth to 4.9 percent.
State records show 917 companies received over 100 million in tax credits in 1995 under West Virginia rules. The report highlights Capital Company credits, job-creation provisions, and changes to limit these credits, with notable recipients including Maroney and Haddad.
The dollar firmed from an early loss to end higher on stronger U S economic data and weak European trends. Traders awaited Fridays jobs report and noted yen around 118.59, marks near 1.8384, while sterling rose to 1.6420 as the dollar faced limits after a Japan auto official suggested limited gains.
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