Manufacturing dip and May construction spending fall
The ISM manufacturing index stood at 49.8 for May, signaling ongoing contraction, while the Commerce Department said May construction spending dropped 1.7 percent to 859.8 billion. Builders cut back on homes and offices, with public works at a near two year low. Dow and Nasdaq traded higher after initial losses. Joel Naroff suggests potential stabilization ahead, though employment in manufacturing remains weak at 46.2. Norbert Ore notes gains in new orders and production offering a cautious bright spot for H2.
MENTIONED IN THIS ARTICLE
New York
Institute For Supply Management
Commerce Department
Apnl
Atsowest
Dow Jones
Nas
Joel Naroff
Naroff Economic Advisors
ISM
S&p
Dow
Scott Wren
A.G. Edwards & Sons
Wren
J.P. Morgan
New York Stock Exchange
Japan
Europe
France
CACO
Britain
Germany
One Percent Sales Tax Boost Strains Elyria Dealers
Adrian Burns reports the one percent state sales tax hike that took effect Tuesday is easing into auto buyers budgets. Dealers like Pat Graham of Spitzer Motors note higher costs on $20,000 cars and emphasize absorbing the tax while trade-in values remain untaxed, with a recent surge as buyers sought pre hike deals.
MENTIONED IN THIS ARTICLE
Elyria
Pat Graham
Spitzer Motors
Elynn
Graham
Gram
SUNNINGHAM / CHRONICLE
Jack Knight
Lake Avenue
Steve Wheman
Dry cleaning costs rise as Ohio sales tax expands
Elyria report notes a 6.75 percent price hike for dry cleaning starting August 1 as the state sales tax broadens to services including dry cleaners. Industry officials fear job losses and higher costs as firms face new collection burdens and potential compliance costs, with a small rebate to offset expenses.
MENTIONED IN THIS ARTICLE
Elyria
David Field
The
Ohio Cleaners Association
Fields
Steve Whelman
Jack Knight
Wall Street investors shake off bad reports
New York AP reports a late day buying surge lifted markets as investors shrugged off weak manufacturing and construction data. Dow rose 55.51 to 9040.95 while Nasdaq gained 17.33 and S&P 500 added 7.82 amid expectations of a recovering economy.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Todd Leone
SG Cowen Securities
Standard & Poor
Institute For Supply Management
AIBA
Dollar slips as ISM data temper optimism on economy
The dollar weakened against major currencies Tuesday, slipping to lows after ISM manufacturing and May construction data dampened hopes for a swift economic recovery. The euro rose to 1.1563 dollars, with the yen at 119.42 and the British pound at 1.6652 dollars amid a fading dollar rally.
MENTIONED IN THIS ARTICLE
New York
Dow Jones/AP
Institute For Supply Management
Commerce Department
C-Twins win for creative ads at Ohio conference
Elyria Chronicle Telegram wins two first place awards for creative newspaper advertising in the 15 000 to 50 000 circulation bracket. The June 27 28 Dayton judging recognized Nick Abraham Auto Mall Best Ad or Series and Golf Page Hole of the Week Index Best Ad or Series.
MENTIONED IN THIS ARTICLE
Elyria
Chronicle- Telegram
Ohio
Dayton
Chronicle-Telegram
Jeff Pfeiffer
Pfeiffer
Nick Abraham Auto Mall
Elderberry Line in Carrollton Halts Scenic Train Runs
In Carrollton Ohio the Elderberry Line halted its two engines after liability insurance rose from 13000 to 20000 in a year. Co owner Bob Anania notes the high cost limits tickets. Insurance rates have doubled amid post 9 11 repercussions and market shifts. Passengers express disappointment as a 10 mile round trip between Carrollton and Minerva ends.
MENTIONED IN THIS ARTICLE
Carrollton, Ohio
Elderberry Line
Carrollton
Akron
Bob Anania
Robert McCarthy
McCarthy Rail Insurance
Pennsylvania
Betty Solomon
Elderberry
Minerva
Also Mentioned on This Page
Norbert J. Ore
Adrian Burns the
Adnan
Abums
Lorain County
ED Betzel
Chronicle Graphic
Adrian Burns
Starbucks
Smith Barney
Boeing
AirTran Airways
Deutsche Securities
Cheesecake Factory
SAP AG
C-Twins
the Chronicle-Telegram
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