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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Sep 06, 1997
Page
15
Washington reports the unemployment rate at 4.9 percent in August with a 49,000 net nonfarm payroll gain, slowed by a 15 day UPS strike that idled 185,000 Teamsters. Average weekly hours rose to 34.7 and wages averaged 12.29 dollars an hour.
Maryland labor agency reports 3,357 Frederick County residents jobless in July with a 99,385 strong workforce. Rate minus 0.2 points from June, up 0.6 points from July 1996, with gains in construction, hotels, business services, amusements, restaurants, and membership groups. Montgomery 2.9 percent, Garrett 11.3 percent. county comparisons noted.
Montgomery Ward of Wilmington says it has cash on hand to survive the Christmas season under Chapter 11. The retailer posted a 365 million loss in the first half, with 221 million in the second quarter, and is revising next-half projections. It has 270 million cash on hand and two thirds of vendors are honoring trade terms, plus a potential 1 billion GE Capital loan. The company sold 33 Lechmere and 11 Electric Avenue stores for 160 million, though assets were worth far more.
Sue Ann Yingling, a former Frederick County commissioner and planning official, becomes legislative director for the Frederick County Builders Association. The new post leverages her Annapolis and Winchester Hall knowhow to advocate for builders, developers and allied businesses.
Former federal investigator Michael Brownlee testifies Ford Motor Co hid records showing knowledge of ignition problems as early as 1983. The Alameda County suit seeks repairs and damages for 20 million vehicles from 1983 to 1995 with TFI modules, asserting Ford misled NHTSA about a common stall cause.
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