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This newspaper page contains 4 articles. Subscribers can read the full text of each article.
Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Dec 31, 2008
Page
4
The Conference Board index fell to a record low amid rising layoffs and weak job prospects. Analysts say deepening job insecurity and falling asset prices offset any benefit from lower gas prices, with unemployment at a 15 year high and further losses expected in early 2009.
Ohio hikes its minimum wage to 7.30 for most workers and to 3.65 for tipped staff, under a 2006 constitutional amendment. Proponents cite boosted spending, while small businesses fear added payroll costs and potential job cuts amid the raise.
Maryland a major case with 67000 workers to take unpaid time off to save an estimated 34 million dollars this year. Private firms from automakers to suppliers cut production and offices as demand falls. Experts call temporary layoffs common in recessions and note data may undercount injured or noncritical staff effects.
GMAC plans to use $5 billion in federal aid to expand affordable auto lending for a larger pool of buyers. The finance unit will offer zero to low interest financing on select 2008 and 2009 models as part of year end sales push, lowering credit score requirements from 700 to 621.
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