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Jacksonville Journal Courier Newspaper Archives May 5 1990, Page 5

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Jacksonville Journal Courier (Newspaper) - May 5, 1990, Jacksonville, Illinois Business Wall Street business trends local news Jacksonville journal courier saturday May 5, 1990 5unemployment rate climbs to 5.4 percent by Karen Ball a labor writer Washington a the nations jobless rate jumped to 5,4 percent in april its highest level in More than a year the government said Friday in a report that analysts called a disturbing sign the Economy could slip into recession. There was paltry growth in the number of . Jobs for the second straight month and the total actually would have declined if not for the hiring of temporary census workers. A a the report indicates the Bottom dropped out of the labor Market in april. It Speaks More toward a possible recession than a rebounding Economy a said Allen Sinai chief economist at the Boston co. Added Robert Dederick of the Northern Trust co. Of Chicago Quot i done to think we can say the Economy is toppling Over a Cliff but it is not showing any signs that its backing away from the Cliff either so there s that Bond markets rallied in response to the report. Traders took weaker than expected employment a a report running counter to recent indications that the Economy was picking up a As a sign the Federal Reserve would not boost interest rates to slow things Down. The government reported last week that the Economy grew at a 2.1 percent rate in the first three months of the year twice As fast As some private analysts had predicted. In april the civilian jobless rate As measured by a household Survey was up from the 5.2 percent registered in March. Before that the unemployment rate had held steady at 5.3 percent for nine months. The last time the jobless rate reached 5.4 percent was january 1989. The number of new jobs created edged up Only slightly with a net gain of 64,000. That included the government s hiring of 78,000 workers for the 1990 census. The Job growth figure is derived from a separate Survey of business establishments and is generally considered a More reliable indicator of economic activity than the household Survey on unemployment. The nation s factories in a slump for months continued to falter As manufacturing jobs fell by 22,000. It was the 12th decline in 13 months. Quot the manufacturing sector is continuing to bleed workers. Ifs starting to have a debilitating affect in other areas As Well a Dederick said. The manufacturing Pinch is starting to spill Over into areas such As business services which includes such jobs As caterers and Security guards Dederick said. That sector suffered a 13,000 Job loss last month the biggest payroll drop in april came in construction with a seasonably adjusted fall of 99,000 jobs. Construction jobs had been inflated Early in the year by unusually warm weather. Janet Norwood commissioner of the Bureau of labor statistics noted that Job growth was robust in the first two months of the year As about 700,000 new jobs were created. That Means that since january the Economy has produced an average of 175,000 new jobs a month she said. A year ago at this time the Economy had produced a monthly average of 200,000 jobs while the 1988 average for the first four months was 275.000 is. Norwood said the slowdown is Quot not particularly surprising after More than seven years of business meanwhile the service sector which has been carrying the Economy added 179,000 jobs bolstered by the hiring of temporary census workers average hourly earnings Rose to $9.95 from $9.92, at least partly because of the april i increase in the minimum wage from $3.35 an hour to $3.85. Stocks grains report final stocks new Vonk apr final hem yom Stotts Tor Friday Amr 64 forum 46te Mayfair 3� am note Oti 63 no so 38v log pm 38te Gonei 65 pro 45 ?1 in Milfs 74 Par com 47te Ante 24te Gnu or 45 Penney 62 Vacys 52 Canon 43te primes 20 atjt40 Goody 35 Procto 73 a Amoco 51% a tape 54te quantum 22 Amo 24 itt up 52v rteapur04te Ahr 112 it powr 15 Rottel 24 a Bema Ith Ink a 32te Sears 30v booing 74 ism note swaps 28 Burin to a intr Lav 59 Tenno 67 pc 70 int Pap 48te Texaco Soh Cater 62te k Man 33te us 34 a bps 21 Kellogg 63te us Art 19v a tester in Kroger 12 Uniss 15te Clame 43 to cent 26te item Tsoh grime 32te Laland 44 Winton a Coop 41 Lapac 42 West pfc 73 dates 77 Mead 30 who Tel 27 doted 25 Motte 60te in ten 26te Dowych site Monson 104v wha note Dupont 37te Huq my Ste run urn note Meir Exxon 46 Mateo 49 egg Trad i no men steady Friday Tate de wed to volume buyer were lower a extra Large 62-65 a Large 58 64 a mediums 53-38 meat futures rent pee la. 74 35 74 90 72 45 74 47 7510 Chicago apr futures trading on the Mercen Ute Exchange Friday Opan High Lew Santa chg cattle 40.000 Rte Jon. Aug. Of dec. Feb -----------75 30 apr.75 70 Jun 74 30 thu. A sales 17 067. Thu s open int 86.229. Up 605 feeder cattle 44.000 no. Cama per la May 83 to 84.02 82 95 82 80 82 70 82.79 8280 at .70 May. 88 90 71 87 6800 89 17 jut 68 25 7146 8885 0927 aug-----08 40 80 70 6606 66jo fab 50 00 6015 56 79 5915 mar 56.70 56.70 56 70 58 70 May. .58 36 thu s sates 7.889 thu s open in 14.987 of 102 to �?28 4.10 �?.30 72 82 74 80 7615 7630 75 85 7430 7425 72 30 74 30 74 90 7900 75 96 74 20 74 85 72.50 7450 7607 7907 75 66 74 20 Gold and Silver new York apr Handy j Harman Gold �?�371 to. Up s140. Handy j Harman Saver $5015, up 0015. Engelhard Gold $372.58. Up 11.40. Fabricated $39121. Up $142 Engelhard Silver $6,060. Up $0,025. Fabricated 96.404. Up to 027. Butter and eggs Chicago apr Juda a Butler prices were Friday a 97 26-1 0926 a 98 50-1 0925 aug. 82 86 sap 82.80 od.82.50 Nev 62.80 Jan.82 52 mar 81.70 thu s sates 2.354 thu s open int 12.260. Up 160 Hooe 30,000 no. Santa Par la 83 85 82 85 82 35 02 35 82 45 82 35 by 55 63 85 82 80 82 52 82 67 82.79 82 80 81 so 4 36 4 03 4 05 �?03 �?.18 -32 a 40 4 18 -05 a 08 -03 Grain futures 4 04v 4 03v 03 03 it 02te Jun. 63 70 64 30 63 60 6397 12 jul. 62 95 63 70 62 72 63 30 a 35 aug. 61.15 62 15 61 05 61 70 a 43 ocl 54 25 54 90 54 10 54 65 a 28 D.C.5315 53 80 53 05 53 35 a 06 pet 51 20 51 60 51 20 51 45 a 06 ate. 48 10 48 35 46 06 40 30 a 06 Jun. 51 25 5130 51 20 5120 06 Chicago apr futures trading on the Chicago Boardo traps Friday open mtg Low Leat chg wheat 5joo by minimum Ballan Par Bahal may3.74 or 3 72te 3 77 jut--------347v 3.60 3 46 3 90 sap3.53�?T 3 554 3 51 i 56� D.C.3 66�?Tt 389 3.63 360 mar. Ltd 3.74 3 70 3 74 May 3 65 3.884 363v 366�?T 4 00 thu. A Salsa 1x334 thu s Opan in s3j34. Up 880 Conn may2.88v 2 88v 2j8v 2 87a Chi jut.2 to 200 2 064 2 80 y 4 01v sep -------2.774 2.70v4 2 75v 2 77v 4 j0v4 D.C.2 71v 2.72v 2 Bow 2 to �?0o� mar 2.78v 2 78v 2 724 2 75 004 May. 2771/ 279 2 m 277w-004 jut. 2 79v 2.80v 2 78 2 794 now thu.baaiaa83.i78 thu i Opan in 258.233. Up 2.684 Oats thu s sates 2.665 thu s open in 13,671. Up 183 soybeans 5.000 by minimum Dotters per May ski 4 6.321/4 6.28 jut 6 47v 6 474 6 40 aug 852 853 648v set. 654v 8 54v 948 nov 6 58 8 59v 652 Jan.6 68v 6 80 6 63 mer.-.6 77 Sto 673v may6.61 686 660v thu s Teetee 86936 thu s open sit 138.379. Up 1.036 soybean Oil 80 Joo Rte Dotters per 100 no. May. 23.32 23 54 23 23 jut. 23 46 aug. 23 50 sap 2335 i 97v a 00v 6 26�?T 6.41 646 646 652 663 6 73v 683 -j3�?T4 -03 -03h �?.03 a 04 is -034 -03v in 23 74 23 06 23 40 2315 22 95 22 75 22 56 22 45 22 40 23 41 23 36 2316 22 95 22 to 22 55 22 40 22 to 22 26 thu. S tees 9.613 thu s open in 44,066, up 952 May. Jut. Sap. Dec. .167 1.67v 1 i i 664 4 ooh 1.77 1.77 1 79v i 76 a 00v .183 1 8314 1 02 1 02v-Joi 100v 1.90v 1j9 Volov a Jow of 23 10 dec. 22 96 Jan. 22 79 mar -----22 50 May. 22 40 jul 22 40 thu. A sates 19.142 thu i Opan nit 104.564. Of 901 soybean meal too Iona dollars per Ion May 183 50 104 00 18080 jut 180 00 180 50 185 50 aug 191 00 191 so 187 so sap 193 00 193 00 189 50 od19600 196.00 191 of Dac 19600 106.20 106 00 Jan 198 00 199 00 197 00 mar .201 of 202.00 200 00 may201 of 202 00 201 of jut. Thu s Batea 21.576 thu s open in 01,7s6. Of 1.464 23 47 2364 23 97 23 32 23 00 2284 2266 22 50 22 30 2226 Isi to 186 00 187 70 189 70 191 of 195 20 197 00 201 so 201 50 201 50 4 22 4 19 4 in. 4 to -j6 02 -07 a 07 a to �?15 -1 so �?210 -2 50 �?200 a Sjo �?2-60 -2 00 -240 -2 70 �?3.70 Stock Market stays on Rise by Chet Currier a business writer improving health and lowering costs too by John Cunniff a business analyst new York a or. Douglas Ratner believed so strongly that health care costs Rise in perpetuity that he set out to prove it. His program has improved health bolstered morale and yes Cut costs. A people respond to incentives to personal responsibility a he says lamenting the Scarcity of such elements in most group health insurance plans. His wealth from health organization includes these and More. It is Long Range Cost effective health enhancing. The benefits of Good health seem capable of making a big Long term Dent in costs but it has immediate benefits too for the individual employer insurer country. Simplified it awards favourable health behaviour or practice with credits or Points applied to a wealth from health account which the individual can use in Many ways such As to lower deductible insurance payments. Points Are awarded in various categories. In the wealth from the heart category for instance an employee might earn Points for losing weight lowering blood pressure or cholesterol and improving aerobic fitness. The Point system May be As varied As desired wealth from knowledge wealth from a healthy family wealth from practising safety first wealth for following doctors orders. Generally simple tests confirm improvements. The individuals approach to work and lifestyle must change says Ratner. Quot workers must accept responsibility for affecting change rather than relying on some other lifestyle he declares is the Basic Cost determinant. Ratner 37, tested his program in april 1988, implementing it in conjunction with the mount Vernon Hospital a suburban not for profit facility where he is associate director of the internal Medicine residency program. Calling it the health responsibility program he offered it to the hospitals non Union full time employees on a voluntary basis with each garnered Point equating $1. Seventy three percent of those eligible or 163 participants enrolled. The results said the doctor Quot exceeded our wildest forty eight percent initially were overweight but More than half had lost an average 7.3 pounds by the one year Check Point. Sixty one percent of those initially found hypertensive had normalized their blood pressure through diet or Medicine at the three month Check Point. Fifteen percent of those who smoked quit Dur ing the two months Between the program s orientation and its inception and 26 percent of those who still smoked had quit completely at the one year Mark. Costs were Cut. The personnel department found that program participants lowered their medical claims to $111.70 per person in 1988 from $686.06 in 1987. Meanwhile nonparticipants costs soared to s1.s32.84 from $798.87. Those figures it should be noted do not include savings that might be attributed to decreased absenteeism increased productivity or lessened pressure on the future Cost Structure by fewer claims. Quot based on our breakthrough experience Here at the mount Vernon Hospital the time is now for bold innovative measures a says Ratner who feels he has demonstrated several assumptions especially the lifestyle Factor in costs. And More that employees will adapt to the system because it is fair and it works because it involves personal responsibility is incentive based goal oriented and intuitively As Well As historically sound. After viewing the results Ratner himself took the bold measures he called for structuring the health responsibility program and its unique Point system into a package that can be utilized in any company a flexible benefits system. New York a Stock prices capped off a week of slow but steady gains with a Broad Advance Friday responding to a big Surprise in the government s latest report on employment. The Dow Jones average of 30 industrials Rose 14.19 to 2,710 36, stretching its gain for the week to 65.31 Points. Advancing issues outnumbered declines by better than 2 to i in nationwide trading of new York Stock Exchange listed stocks with 1,020 up 465 Down and 480 unchanged. Volume on the floor of the big Board came to 140.55 million shares against 145.57 million in the previous session. Nationwide consolidated volume in nose listed issues including trades in those stocks on regional exchanges and in the Over the counter Market totalled 168.14 million shares. As the Day began the labor department reported that the civilian unemployment rate Rose two tenths of a percentage Point in april to 5.4 percent. The figures also showed an increase of 64,000 in nonfarm payroll employment far less than economists had been expecting. Analysts said the news abruptly dampened recent speculation that the Federal Reserve might be planning to tighten credit in its Campaign against inflation. Interest rates fell sharply in the credit markets. Prices of Long term government Bonds Rose about $15 for each $1,000 in face value reducing their yields to the 8.82 percent-8.86 percent. Just a few Days earlier Treasury Bond rates surpassed 9 percent for the first time in nearly a year. But Stock traders did not take the news with unequivocal enthusiasm. Brokers said it raised some fresh doubts about the Outlook for economic growth and corporate profits in the months ahead among the Blue chips. International business machines climbed 2vj to Hov general motors % to 45v� american Telephone amp Telegraph i to 40%, and american express % to 26hi. Financial and Utility stocks were notable gainers benefiting especially from the sudden shift in View of the interest rate Outlook. In the financial sector for example Federal Home loan mortgage Rose 2% to 66% and Federal National mortgage was up 1% at 34hi. Dow Jones s average of is Utility stocks climbed 2.27 to 208.38, for a 1.10 percent gain that More than doubled the percentage Rise of the Industrial average. Texas utilities up Vij at $5%, and Panhandle Eastern up it at 2644, both made the Active list. As measured by Wilshire associates Index of More than 5,000 actively traded stocks the Market increased $23.38 billion or 0.73 per cent in value. The Nyser a composite Index of All its listed common stocks gained 1.40 to 185.37. Standard amp poor s Industrial in Dex Rose 3.08 to 349.20, and a amp pcs 500-Stock composite Index was up 2.82 at 338.39. The Nash a composite Index for the Over the counter Market added 3.17 to 428.61. At the american Stock Exchange the Market value Index closed at 345.73, up .76. Extension service facing financial crisis director nations poorest metro areas found in Texas by John d. Mcclain the associated press Washington a seven of the nations to richest metropolitan areas Are on the East coast while four of the to poorest Are in Texas the Commerce department said thursday. People living in the Bridgeport Stamford Norwalk Danbury area of Connecticut remained at the top of the list with per capita personal income of $29,084, according to a study of 319 metropolitan areas by the departments Bureau of economic analysis. That was up from $26,316 in 1987. Tile Mcallen Edinburg Mission area of Texas was at the other end of the list with per capita income of just $7,302, the study showed. People in that area ranked last in 1987 at $7,001. For the nation As a whole per capita income in 1988 was $16,490, up from $15,484 a year earlier. This gain of 6.5 percent outpaced inflation which Rose 4.8 percent As measured by the average value of the consumer Price Index in 1988 and 1989. Per capita personal income is the annual total personal income of residents from All sources divided by the area population. It includes such items As dividends and rents As Well a wages and salaries. Nine of the to metropolitan areas with the highest per capita personal income in 1988 also ranked in the to highest in 1983, the report said. Newark n.j., which ranked twelfth in 1983, Rose to ninth in 1988 with per capita personal income of $22,963. Anchorage Alaska dropped from first to seventeenth with per capital income of $21,840. Following the Connecticut suburbs of new York City were san Francisco calif., $26,309 Bergen Passaic n.j., $25,388 Middlesex Somerset Hunter Don n.j., $25,140 Lake county 111., $24,009 Nassau Suffolk n a $23,832, san Jose calif., $23,181 Washington d.c.-md.-va., $23,175 Newark $22,963 and West Palm Beach Boca Raton Delray Beach Fla $22,824. Other areas at the Bottom of the list were Laredo Texas $7,452 Brownsville Harlingen Texas $7,868 Las Cruces n.m., $9,791 Provo Orem Utah $9,993 Elpaso Texas $10,008 Pascagoula miss., $10,892 Jacksonville n c$11,262, Houma Thibodaux la., $11,264 and Lawton okla., $11,420. Eight of the to metropolitan areas with the lowest per capita personal income in 1988 also ranked in the eight lowest in 1983, the report said. Anniston ala., moved up from 31 Ltd to 306th with income of $11,679, and the Clarksville Hopkinsville tenn.-ky., area went from 312th to 305th with income of $11,796. Urbana Iii. Of the new chief of the cooperative Extension service in Illinois says his Agency faces a financial crisis and taxpayers will shape its future. A if the people. We re serving so Well want to invest in Extension we u be one thing a said Don Uchtmann. Quot if not Well be the Best we Uchtmann who became director of the University of Illinois Agency earlier this year wants to make one thing Clear a the Agency is underfunded. Quot we re so woefully underfunded ifs a crime a said Uchtmann a professor and specialist in agricultural Law. The cooperative Extension service was created by Congress in 1914 to take the research and knowledge from land Grant universities to the people of each state so they could improve their lives. Perhaps Best known for working with Farmers the Extension service programs also include Home economics and youth activities and Are found in both Rural and Urban counties. Extension specialists have helped policymakers revise state tax and assessment Laws established training programs for Day care operators counselled farm families during periods of economic stress helped Rural communities with economic development and developed 4h programs. But a shortage of funds could change the look of the Extension service said Uchtmann. A support from within the state is lower in Illinois than in other states Quot he said. Quot that a complicated by the withdraw of Federal funds a the Straw that broke the camels Uchtmann Analysed funding for Extension in Illinois compared with other states. He found that Illinois puts about $2 into Extension for every citizen compared with the National average of $3.25 and the average of More than a in the top to farm states. Illinois Extension service had a budget of $32 million in 1989 and a professional staff of 472 people. The budget is expected to decline to $26 million a year by 2000.� business briefs chamber Council to offer seminar at Mac May 9 a the business assistance Council of the Jacksonville area chamber of Commerce will sponsor a Quot wage and hour seminar a wednesday May 9, at the Bailey Hall auditorium on the Macmurray College Campus 450 s. Clay. The meeting will begin at 7 . There will be a $5 fee for members and a $10 fee for non members. The seminar will be presented by Dean Campbell assistant director of the . Department of labor Federal wage amp hour division. Information will focus on new wage and hour Laws effective april 1,1990 overtime regulations areas of noncompliance by employers and child labor Laws. Handout materials will be provided and time will be allowed for participants to ask questions Bill would Cut political restrictions on workers a Washington apr the Senate has disregarded a threatened veto by president Bush and moved toward allowing the nation s 3 million Federal civil service and postal workers to participate More in party politics. On a 76-30 vote democrats on thursday Defeated an amendment by Senate republicans aimed at derailing a Bill to remove most restrictions on political activities by Federal employees imposed by the 1939 Hatch act. The democratic Bill would revise the Law to lift prohibitions that bar Federal civil service employees from holding office in political parties working in campaigns or soliciting Campaign dollars from fellow workers. However it would continue prohibitions on Federal workers running for Public office soliciting Campaign funds from the general Public or engaging in political activities while on the , Light truck sales up despite Chrysler drop a Detroit apr sales of North american made cars and Light trucks edged up 2.8 percent in late april As rising sales of Quot transplant Quot cars from foreign owned factories helped overcome a Sharp sales drop at Chrysler corp. North american made cars and trucks sold at an average rate of 47,684 during the period up 2.8 percent while the average rate for big three vehicles was 41,543, up just 0.1 percent the companies reported thursday Chrysler said its car sales in the april 21-30 period dropped 33.8 percent and Light truck sales dropped 16.5 percent from that period a year earlier. Increases at general motors corp. And Ford motor co. Barely offset the backs initiative to thwart con artists a Springfield a the Illinois league of savings institutions has endorsed a new statewide initiative designed to thwart the efforts of con artists and swindlers. According to league president j. Dennis Montgomery the program designated Quot operation scams Quot senior Cash Alert monitoring system was developed through the cooperative efforts of the Illinois office of the attorney general Illinois league and various other financial institution Trade associations Law enforcement organizations and senior citizens groups throughout Illinois. Quot operation scams Quot focuses on reducing the financial losses that result from con games with prevention and intervention initiates coordinated by the attorney goner Al s office and will educate Consumers and provide specialized training for financial institution employees on the techniques that can be used to help reduce the number of victims of the most common types of consumer fraud. Instead of Flowers or a Box of Candy Why not something in a Stout amp Lauer Box. Like a Diamond ring or pair of earrings a Gold Chain or Bracelet pearls or a Beautiful piece of 20% savings now through May 12th a Springfield Quot store of Dit action Stout a Lauer jewellers in the Yard shopping cps Ter ism Wabash ave -9j-wm Springfield Illinois

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