Productivity slips as second quarter output falls
Washington reports non farm business productivity declined 0.5 percent annual rate in Q2 after a 4.3 percent rise in Q1, as hours worked rose 0.2 percent but output fell 0.3 percent from Q1. Revised GNP figures had shown weak growth, with analysts noting inventory build and limited layoffs. Financial data show wage gains softening but real compensation still below 1977 levels.
MENTIONED IN THIS ARTICLE
Washington
Bureau of Labor Statistics
Commerce Department
John Hagens
Chase Econometrics
Bala Cynwyd
Hagens
Oil Firms Bid Least in Three Years on Gulf Leases
New Orleans reports oil majors offered 70 million for offshore Texas sea bottom drilling rights, the lowest western Gulf sale in the government area wide format. Forty one tracts attracted bids from nearly five thousand available, with most at 5 000 acres and some in deep water. Only two bids were received. opening took about 15 minutes.
MENTIONED IN THIS ARTICLE
New Orleans
Texas
Gulf of Mexico
Tax shelters fall out of favor as law changes loom
In New York, lawmakers and the public turn against tax shelters as new legislation targets loopholes. Investors face loss of anticipated tax benefits, potential penalties, and higher capital gains taxes, prompting many to rethink real estate partnerships and oil ventures once fed by depreciation. Critics say these deals abused the law’s intent.
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Incom
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John Hancock
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N of Mutuals
Georg
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NY Txe
Hith Sci
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Agney
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NEW York
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Congress
Mushroom production declines in 1985 86 season shows drop
U S mushroom output for the 1985 86 marketing year ended June 30 totaled 588 million pounds, down 1 percent from the prior season though still the second largest on record. Pennsylvania led with 256 million pounds, down 7 percent, as reduced plantings, import competition, and weak prices cited by a spokesman explain the downturn.
MENTIONED IN THIS ARTICLE
Washington
Agriculture Department
Department
Agricultural Statistics Board
Pennsylvania
U.S
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Dennis Elam
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Texas Central Business District
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Federal Deposit Insurance Corporation