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This newspaper page contains 4 articles. Subscribers can read the full text of each article.
Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Sep 05, 2008
Page
4
New York traders drove the Dow lower after a mixed U S retail showing with Wal Mart beating estimates on deep discounts. Teen retailers and luxury chains suffered, signaling restrained consumer spending on essentials.
The article explains that despite a 26 percent drop from July crude highs to $147.27 a barrel, the national gas average fell only about 12 percent to $3.67. Traders say refiners couldn't fully pass crude costs upward, and they may seek to recover losses as crude retreats. The AAA concurs that pump prices won't mirror oil declines exactly.
August sales at mall apparel stores slowed as parents kept to basics buying cheaper jeans and tops. Wal-Mart and Costco remained bright spots while teen brands like Wet Seal Abercrombie & Fitch and American Eagle Outfitters posted weak results. ICSC UBS tally rose 1.7 percent, below forecast, excluding Wal-Mart all categories were flat year over year.
At GM Moraine SUV plant management talks of closing by 2010 amid a volatile six months. 2000 workers face layoffs as production shifts shrink and a failed tax credit targets preservation. Brock, manager, urges plan A and plan B, advising workers to pursue transition programs.
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