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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Oct 16, 1998
Page
12
Negotiators for US West Inc and the union representing 1800 directory employees reached a tentative contract early today, averting a strike that would affect 14 states including Iowa. The deal covers ads data entry and other duties for white and yellow page directories.
Freddie Mac reports the 30 year fixed rate at 6.90 percent, up from 6.49. The move, the steepest since March 1996, adds about 33 a month on a 100 000 loan but rates remain under 7 percent as economists foresee possible declines ahead. 15 year fixed rose to 6.58 percent while one year ARM dipped to 5.35 percent.
The Federal Reserve lowered the federal funds rate to 5 percent and the discount rate to 4.75 percent citing lender caution and unsettled markets. It marks the second cut in three weeks and follows the first in late September, with economists warning of slowed growth and a possible recession.
The Fed cutting interest rates triggers a late buying rally as the Dow closes up 330.58 points to 8299.36, a 4.2 percent rise. Advancers outnumber decliners by more than 3 to 1, with strong gains across major stocks including AEGON Fir star General Electric Gillette Norwest Procter & Gamble Quaker United Tech Wal-Mart MCI WorldCom and McLeod.
Iowa unemployment rose to 2.6 percent in September from 2.5 percent as analysts say the small increase is not alarming. Linn and Johnson counties saw rises while variations in manufacturing and services suggest a potential trend if continued. Sha Khan notes monthly fluctuations.
Iowa unemployment stayed well below the national rate as officials report 41,800 jobless in September, up 1,800 from August but 6,300 below a year earlier. Over 1.5 million Iowans held jobs, up 8,300 from August and about 16,000 from a year ago.
Penford Products plans a new 15 000 square foot R D center in Cedar Rapids with incentives review by the Penford board and potential state local support. Denver remains an option. the project would add at least 10 high paying jobs and extend space for advanced research.
Playwell Toy Inc recalls xylophone mallets from three music sets used in 200,000 xylophones 150,000 Little Ones Infant gift sets and 1,800 five piece sets due to choking hazard. The CPSC says rounded mallet ends smaller than 1.75 inches can lodge in a child's throat. A six month old girl suffered severe brain damage when a mallet stuck.
Consumers may call Playwell Toy Inc at 877 PLAY WELL between noon and 6 p.m. Monday through Friday or write to 25142 Wandering Lane Lake Forest CA 92630 to obtain a replacement mallet. The single xylophone sold at Target and other retailers from February 1996 to April 1998 for about $7. Kmart sold a three piece set exclusively from May 1996 to April 1998 for about $10.
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