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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
May 14, 2009
Page
9
The economy stays in recession as households receive small weekly supplements but fail to spark major spending. Anecdotal signs of improvement fade amid layoffs, depleted retirement accounts, and near zero savings before rising to about 4 percent. The jobless rate nears 29-year highs with 539000 jobs lost in April.
The European Union levied a record 1.45 billion dollar penalty against Intel for aggressive sales practices in the chip market. The ruling boosts pressure on U.S. regulators and benefits AMD, which has long accused Intel of disadvantaging rivals and customers. Harley-Davidson also weighs moving its York Pennsylvania plant to cut costs amid a sales downturn. Medco Health Solutions reports that prescription drug use fell in 2008 while total spending rose due to higher brand-name prices and greater use of specialty drugs.
GM faces political backlash over plans to increase imports from Mexico South Korea China and Japan as it seeks more government loans and faces restructuring deadlines. UAW argues taxpayer funds should spur U.S. made cars, not offshore production.
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