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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Apr 02, 1988
Page
11
The Veterans Administration boosting its federally backed VA home loan rate by half point to 10 percent takes effect Sunday. Other rates rise likewise withGraduated payment mortgages at 10.25 percent and home improvement loans to 11.5 percent.
The March unemployment rate fell to 5.6 percent, the lowest in a decade, while payrolls rose by 262,000. The drop reflects a 455,000 decline in the labor force as February to March participation slipped from 66.3 percent to 66.0. Wage gains remained modest with private wages up 2 cents to $9.20 per hour.
The Labor Department filed a suit in Kansas City against IBP Corp alleging repeated willful violations of overtime pay rules. It seeks back wages potentially totaling tens of millions for 20,000 to 70,000 current and former workers across 10 packinghouses in Kansas, Iowa, Nebraska, Minnesota, and Idaho. The suit notes workers spending time on safety gear and knife maintenance without pay. The union says back pay could reach 20 to 43 million, with estimates of individual worker losses around 3744 dollars.
Federal Reserve top policymakers eased credit slightly in late January and early February to spur growth. Minutes from the February FOMC meeting show decisions to hold policy steady at that meeting and to set 4 to 8 percent targets for M2 and M3 growth, with unemployment at 5.6 percent and inflation concerns noted by Greenspan.
Baltimore AP hospital rate increase eyed at 1.5 percent will boost bills by 41.3 million annually while nursing shortages remain unresolved. Maryland Blue Cross denounces the move as inflationary and unguaranteed to aid nurses, as the Maryland Hospital Association notes earnings fell in late 1987 and calls for targeted nurse funding.
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