Industrial sector slide reveals bright spots
The December survey of purchasing managers shows the industrial sector weakening with falling production employment and prices. Yet it notes some bright spots and slower declines in orders and vendor deliveries, though caution is urged as prior signals faded later. Pfizer's Charles Haffey flags potential improvement if trend holds.
MENTIONED IN THIS ARTICLE
National Association of Purchasing Management
Charles T. Haffey
Pfizer Inc
Association
Industrial sector slips as December shows mixed gains
In December, 38 percent of the 250 firms reported ongoing employment declines, down from 48 percent in November, with 6 percent noting rising jobs up from 4 percent. Orders fell for 34 percent, while inventories were still under control and stocks were being slashed. Prices kept dropping for the 11th straight month, though deliveries shifted: 7 percent saw slower deliveries vs 11 percent faster deliveries as supplier activity rose despite low inventories.
MENTIONED IN THIS ARTICLE
Veged
Erat
Global Gold Prices Rise Amid Dollar Lull and Debt Reschedules
Gold prices surged as the dollar weakened with diverse reports predicting bullion gains. Prices in New York London and Zurich climbed, while Hong Kong closed higher. Silver in London and New York also rose. Banks may earn over 300 million in fees from rescheduling four Latin American nations. Authorities ban Asian counterfeit Apple II computers entering the United States per a Taiwan delegation.
MENTIONED IN THIS ARTICLE
New York
Handy & Harman
London
Zurich
Hong Kong
Mexico
Argentina
Brazil
Costa Rica
Europe
United States
Taiwan
Tudor Townhouses sale agreed upon in New York deal
A New York City firm David C. Gold & Co announced an agreement to buy the Tudor Townhomes development on Morgan Road for over 4.4 million dollars. The two story complex north of Liverpool includes 230 three bedroom townhouses plus a clubhouse with an indoor pool and basketball court and two outdoor tennis courts. The seller is Tudor Townhomes led by general partner Peter Thun. The buyer may syndicate to share costs and profits and the total price includes cash plus a 4.47 million FHA component. Upgrade plans will follow closing.
MENTIONED IN THIS ARTICLE
Morgan Road
New York City
David C. Gold & Co
Liverpool
Jonathan Besidine
Gold
Besidine
Tudor Townhomes
Peter Thun
Chrysler pact cleared by federal loan board
The Loan Guarantee Board unanimously approved Chrysler Corp.'s new labor contract with the United Auto Workers. The deal gives immediate 75 cent hourly raises plus cost of living protection through 1983, expiring January 14, 1984, with wage freezes ended after more than a year. The pact, negotiated amid Chrysler’s loan guarantees totaling 1.2 billion dollars, is expected to be signed at Highland Park, Michigan.
MENTIONED IN THIS ARTICLE
Detroit
Chrysler Corp
U.S
Federal Loan Guarantee Board
U.S. Treasury
Robert Levine
Treasury
Donald Regan
Federal Reserve Board
Paul Volcker
United States
Charles A. Bowsher
Chrysler
United Auto Workers Union
Chrysler Loan Board
UAW
Highland Park
Mich
Bob Barbee
Hoosac Tunnel saga links Great Lakes to New England rail
Historic Hoosac Tunnel carries a $9 million debt to taxpayers and remains a costly bottleneck as Boston and Maine plans mergers with Guilford to reshape coal freight. Timbered by water intrusion, rot, and ballast woes, the 434 mile route through Florida Mountain could anchor a 3900 mile rail network advocated by Timothy Mellon.
MENTIONED IN THIS ARTICLE
Richard Palmer
Hoosac Tunnel
Great Lakes
New England Seacoast
Syracuse
New York, West Shore & Buffalo Railroad
New York Central
Boston, Hoosac Tunnel & Western
Boston & Maine Railroad
Florida Mountain
Connecticut
Timothy Mellon
New England
Upstate
New York
Conrail
Boston & Albany
Berkshire Mountains
Hoosac
Vin Terril
Boston & Maine
Terris
B&m
Mellon
Maine Central
Guilford Transportation Industries
Boston and
Maine
Delaware & Hudson Railroad
Mechanicville
Massachusetts
Dennis Coffey
H&m
BEM
Vinay Mudholkar
Fink
Northeast Utilities
Holyoke
Mass
Terril
Social Security eases retirement test in 1983 changes
Congress liberalizes benefits with 1983 rules, ending the retirement test at age 70 and allowing full monthly benefits while working for those turning 70. Ages 65 to 69 may earn 6600 without losing benefits, under 65 cap rises to 4920, with each $4 of earnings above limits reducing benefits by half of the excess.
MENTIONED IN THIS ARTICLE
Congress
Social Security tax base rises to 35700 for 1983
The earnings needed for quarter credit rises to 370 and 40 quarters or 10 years to qualify for retirement benefits. Tax rates stay 6.7 percent for employees and employers and 9.35 percent for self employed. The base increases raise taxes for high earners by up to 221.10 for employees and 308.55 for self employed, with maximum taxes 2391.90 and 3337.95 respectively. Benefits stay earnings related and rise with the wage base.
Also Mentioned on This Page
Phillips Strategy
Phillips Petroleum
General American Oil
Mgm-Ua
Mgm-Ua Entertainment
U.S. Federal Reserve Board
Tokyo
Tudor
Pennsylvania
Inginis
Ontavie
Rotterdam Junction
Schenectady
Delaware & Hudson
B&M’s
David Fink
Interstate Commerce Commission
Boston
By Sylvia Porter
Con
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