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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 15, 2003
Page
16
The market slid as a weak retail sales report stoked concerns of a sluggish recovery. Analysts cited profit taking after several weeks of gains and a lack of convincing data to sustain a new uptrend. The Dow fell 31.43 to 8647.82 and the Nasdaq dipped 4.78 to 1534.90.
Cedar Rapids based Rockwell Collins announced an IRS ruling approving its life-insurance reserve fund of 38 million dollars created during its spinoff from Rockwell International. The fund, previously subject to a 100 percent excise tax when withdrawn, can now be used to pay other employee benefits including active and retiree medical costs.
U S consumer confidence in the economy fell for a third straight week as the ABC News Money Magazine poll shows the consumer comfort index dropping to negative 24 from negative 21. Only 27 percent express confidence, and 52 percent say their finances are in good standing.
Washington report shows Iowa had 62 work related fatalities in 2001, down from 71 in 2000. Nearly half were transportation related, with two Transco employees in Oelwein asphyxiated in a rail car. Most victims were men over 35 and white, with highways the leading danger in the Midwest.
GM will install stability enhancement systems as standard on GMC Savana and Chevrolet Express 15 passenger vans starting with 2004 models. The move follows rollover concerns with large vans used by churches and teams, with 500,000 in use nationwide and NHTSA warnings about rollover risk when fully loaded.
The United States remains the most competitive nation with Finland tops among smaller nations. Australia rises to second in large country rankings, Canada slips to third, while Malaysia Germany Taiwan Britain France Spain and Thailand fill the top ten. Europe faces deficits and reform pressure.
Commerce Department data show a 0.1 percent fall in April retail sales as cautious consumers cut spending on clothing furniture and building supplies amid rising unemployment to 6 percent. Gasoline station sales plunged 5.9 percent, masking a 0.4 percent rise excluding fuel.
The travel industry forecasts a modest rebound for summer travel despite economy and security concerns. About 35 million Americans will travel at least 50 miles over Memorial Day weekend with 29.4 million driving and 3.9 million flying, while airline passenger numbers should inch up about 1 percent by summer’s end.
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