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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Mar 08, 1996
Page
11
The Index of Leading Economic Indicators fell 0.5 percent in January to its lowest in over two years, while jobless claims rose and February retail sales edged up. Analysts warn the signals are mixed, suggesting only slow growth, with auto loans rising at 9.3 percent and several firms reporting modest same store sales.
The Federal Reserve reports consumer borrowing up 12.1 percent annual rate in January with a $10.3 billion gain after $9.8 billion increases in November and December. Auto loan activity slowed while overall installment credit climbed to $1.085 trillion, 13.2 percent higher than a year earlier.
Thirty-year fixed rates averaged 7.38 percent, down from 7.41 percent, the lowest since February. One-year adjustable rates averaged 5.40 percent, up from 5.38 percent, while 15-year loans held at 6.87 percent with no change. Rates exclude points.
The Dayton strike by United Auto Workers Local 696 spreads to Delphi Chassis plants and threatens other GM sites. About 15,600 workers across four plants are idle as talks continue and parts run out, with potential impact on additional factories in Oklahoma City and Lansing areas.
Ford Motor Co. laid off 44 workers indefinitely at its Ohio Assembly Plant in Avon Lake on Feb 12 with 17 transferring to Sandusky. The move, to rebalance the Villager and Nissan Quest minivan line amid a 20 percent drop in orders, follows earlier cutbacks and keeps overtime at Lorain Assembly for the Econoline line.
Detroit AP reports Kmart Corp posted a $420 million loss for the 14 weeks ending January 31, driven by one time charges. Chairman Floyd Hail called the results the bottoming out of the company’s decline as the share loss stood at 91 cents. The charges included $390 million from an accounting change for Builders Square and $51 million for debt.
Consignments at Kidron Auction featured 479 hogs ranging 190 to 210 pounds and price bands from 52.25 to 29.50 per hundredweight, plus 417 cattle with heifers and bulls and 84 dairy cattle. Goats total 60 head selling 5 to 97.50, and 69 loads of hay and straw, with multiple cuttings and bale prices listed.
American Greetings Corp. sets a March 19 deadline for Gibson Greetings Inc. board to decide on its $288 million offer. Gibson responds with a document outlining alleged antitrust issues, warning the merger would create the world’s largest greeting card company and control about half of the U.S. market.
Ford officials unveiled a natural gas powered F-150 aimed at California drivers to curb pollution. The full size truck will be sold in 10 metro areas including the Bay Area, marking a broader push for alternative fuels in mainstream vehicles. Cars remain affordable with lower financing and rebates promoting auto purchases.
AP reported closing paces on the Comex with gold at 395 30 per troy ounce silver 5410 per troy ounce and platinum 413 20 per troy ounce. Nonferrous metals showed aluminum 718 carts per pound copper 11820 cents per pound lead 50 cents per pound zinc 5153 cents per pound tin 47195 per pound. Mercury 260 per 76 pound task. Lorain County Farm Bureau Cooperative Assocation grain bids at close wheat 4 45 shelled corn 384 oats 200 soybeans 695 per bushel.
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