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Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Aug 03, 2001
Page
5
The Labor Department reported the unemployment rate unchanged at 4.5 percent in July as manufacturing jobs continued to shed and service industries showed a small gain. Payrolls fell for the second month, eliminating 42,000 jobs in July after a 93,000 loss in June, with analysts surprised by the steadiness.
Applied Theory Corp reports second quarter revenue up 5 percent to 18.9 million while booked sales rise 24 percent to 11.3 million. The Syracuse based firm posts a 16.8 million quarterly loss, including a 45 million one time charge from stock sale and debt restructuring. Nasdaq could delist after 30 days below 1 dollar.
The National Highway Traffic Safety Administration expands its inquiry into Jeep Grand Cherokee gear shifts, citing a rise to 144 complaints from at least 48, with one death linked to inadvertent rollaway in reverse while the vehicle idles in park. Danaher bids for Cooper Industries at up to 55 billion dollars, valuing Copper at 54 to 58 per share with 25 percent cash and 75 percent stock. Crouse-Hinds division employs 984 at Syracuse plant.
The last fish cannery on Terminal Island in Los Angeles Harbor will shut down in October, ending the industry’s era. Chicken of the Sea International’s 45 year old cannery will close costing about 250 jobs, with company president Dennis Mussell citing infeasibility due to world competition and reduced tuna supplies. The move marks a major regional job loss and consolidation in the fishing sector.
Mimi Bashore joins Gallinger GMAC Manlius office as a full time sales associate representing buyers and sellers in Syracuse area. John Savage buys C A Dorninek Agency Ltd at 835 W Genesee St Syracuse after 14 years as partner. Savage Agency offers auto home and business insurance and financial services.
A CareerBuilder poll finds 40 percent of 3,000 respondents stay in touch with the office on vacation. Self-employed workers, like Rinaldi who runs Superior Seal & Paving and Trapper's restaurant, report greater pressure to monitor and manage work. Experts urge reasonable time off for rest and renewal despite easier tech access.
Auto sales in Central New York remain robust as experts project 2001 to be the third best U S car year behind 2000 and 1999. Nationally, July saw a 6 percent drop, yet segments like sport utilities and crossover vehicles posted dramatic gains for the first half of 2001 amid strong household wealth and broad affordability. Local dealers report solid early-year performance across low and high end models, with midpriced cars lagging due to higher gas prices.
California based Track n Trail is shutting down its 10 stores including Carousel Center in Syracuse after seeking Chapter 11 bankruptcy protection in April. Gordon Brothers of Boston will liquidate about 37 million dollars in inventory, with stores staying open while sales occur.
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