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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 21, 2009
Page
4
The Conference Board's index of leading economic indicators dropped 0.3 percent in March, worse than the 0.2 percent drop economists anticipated. The index has declined for nine consecutive months, with the forecast suggesting the recession's severity could ease later in the summer.
Eaton Corp reports a 50 million first quarter loss as global sales slump and thousands of jobs are cut. Chairman Alexander Cutler warns a U.S. and Western Europe recovery may begin in early 2010 while adjusted earnings surpass expectations. Shares fall to 40.42.
China becomes the world’s leading car market as Shanghai Auto Show highlights domestic growth and government incentives. GM executives pledge continued investment in China with plans to double sales to about 2 million units annually in five years amid a resilient, diverse market.
GM plans 1,600 involuntary white-collar jobs across its U.S. sites as it speeds cost cuts to secure further government aid. Troy Clarke warned the layoff wave will hit facilities including the Lordstown complex near Youngstown as GM aims to boost long term viability.
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