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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
May 23, 1983
Page
4
New York stocks declined broadly as fears of faster money growth weighed on sentiment. The Dow fell 12.49 in the first half hour to 1177.53, with NYSE losers leading gainers six to one. Fed data showed a $7 billion jump in the money supply, chilling expectations for near-term rate cuts.
Newsweek reports a Gallup poll showing 55 percent favor higher trade barriers on some imports and 53 percent less inclined to buy imports than years ago. A Los Angeles Times poll finds 35 percent of Americans prefer Japanese cars. 23 percent bought a Japanese car recently, with tariffs debated amid higher prices.
In Ambridge, Pennsylvania, brothers Robert Rocca, Ike Rocca, and Anthony Rocca pivot from mill layoffs to pasta making. They launched Pasta World, turning family recipes into noodles for a three state area, hoping steady work beats welfare and factory shutdowns. Their father Vittorio sparked the idea, as the workers rebuilt an abandoned shop, grinding semolina into spaghetti, ravioli, and cannelloni with help from relatives and their mother Mafalda who canned sauce.
In April, new orders for durable goods climbed 2.4 percent to 81.9 billion dollars, led by household appliances machinery and jet aircraft. The gain marks a fifth increase in six months, signaling sustained economic recovery as factories prepare for continued demand and shipments edge up 0.5 percent to 80 billion.
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