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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 30, 2009
Page
6
The economy faced a 6.1 percent annualized drop in the first quarter due to weak business investment, falling inventories, and the sharpest export decline in 40 years. Economists warn the recovery remains fragile as consumer caution rises.
Unemployment climbed in every metro, led by Elkhart Gosh en at 18.8 percent, Bend Oregon at 17 percent, and Hickory Lenoir Morganton NC at 15.4. Merced California reached 20.4 and Yuba City 19.5 as the national rate hit 8.5 percent with expectations of a peak near 10 percent early next year.
The Bureau of Labor Statistics reports rising jobless rates in metro regions. Data from the ICE indicates an unemployment rate of 17.0 percent, with metro area figures around 168 units referenced in the briefing.
A proposed GM restructuring would hand the government majority ownership to stave off bankruptcy, potentially shaping policies on fuel efficiency and unions. The plan would place a government representative on GM's board while the White House says it does not want to run the company.
Detroit Michigan Rep Gary Peters cites a counteroffer from Chrysler debtholders as negotiations to reduce debt progress toward a government deadline. Fiat is expected to sign a partnership with Chrysler by today, potentially completing the plan though a bankruptcy filing remains possible if hedge funds do not forgive most of their claims.
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