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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 25, 1983
Page
5
The Labor Department reports 472000 initial unemployment claims for the week ending Feb 2, down 38000 from the prior week. The civilian unemployment rate fell to 10.4 percent and total jobless in regular state benefits eased to 3.93 million in the week ending Feb 5.
The column provides scattered price data from Columbus and New York. It lists egg prices for retailers in Ohio cities with cartons and different weights, and then shows nonferrous metal prices including copper zinc lead aluminum and precious metals. Prices are given in various units and ranges.
Local grain bids posted by the County Farm Bureau Cooperative Association show Wheat at 302 dollars per bushel Shelled corn at 255, Oats at 16 per shel Soybeans at 555 per bushel.
Kidron livestock notes a downbeat market for hogs though better hogs top $53.75 to $94, cattle rise over last week, calves and dairy cattle show gains. New sale Easter lamb sale is set for Wednesday March 23 at noon, with a machinery sale on Saturday March 5 at 9am. 1,794 consignments and 124 loads of hay and straw reported.
OSU researchers used a computer model of a typical American plant to test Japanese style cross training. The study found a potential 60 percent productivity gain if workers could perform multiple tasks, though unions and real world limits may hinder adoption.
Analysts cite lower rates and moderating inflation as drivers of a stock market surge with the Dow Jones rising sharply to record levels. Bond prices climbed while interbank rates slipped amid oil price declines and OPEC price discussions. President Reagan praised the global impact in a White House address to audiences in multiple capitals.
Federal Reserve Governor Nancy Teeters told Xavier University listeners that despite 11 percent prime lending rates being high for the 3-4 percent inflation, the economy should grow strongly this year. She predicted 5.5 percent growth, unemployment near 9.5 percent by year end, and inflation around 4.75 percent, noting housing and auto sectors show rising production.
Federal Reserve Chair Volcker told the Senate Budget Committee that cutting deficits and restraining monetary growth is the best path to lower rates. He said reductions would bolster inflation gains and create an environment where rates would fall naturally. President Reagan signaled further rate declines as inflation eases. Senator Chiles pressed for Fed action, and Volcker noted the president outranks him.
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