U.S. Treasury Secretary Timothy Geithner on Tuesday said the unemployment rate could rise for a couple of months before it goes down. “It’s possible you’re going to have a couple of months where it goes up,” he said on ABC’s “Good Morning America” show. “But what we expect to see … is an economy that’s gradually healing, of course we want to do what we can to reinforce that process.” Get the full story »
Filed under: Jobs/employment
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2 Boeing defense programs going to Oklahoma City
The Boeing Co. says it is relocating two programs from Long Beach, Calif., to Oklahoma City, a move expected to bring 550 engineering jobs to the state. Boeing is moving its C-130 Avionics Modernization program to Oklahoma City beginning in the first quarter of 2011. The move of the B-1 program is expected toward the end of 2012.
Solo Cup sets closing date for Maryland plant
Solo Cup Co. plans to begin shutting down its 551-worker Baltimore County manufacturing plant in October and to complete the long process in March 2012.
The Illinois company, which is closing two other facilities to consolidate efforts in its remaining North American locations, notified the Maryland Department of Labor, Licensing and Regulation of its layoff schedule Monday.
Greenspan: Recovery underway, but paused
Former Federal Reserve Chairman Alan Greenspan says he thinks the economy is having a modest recovery, but right now there’s a “pause” in that recovery, so it feels like a “quasi-recession.”
Greenspan says long-term unemployment is pulling the economy apart even though large banks are doing much better and large companies are in excellent shape. Greenspan predicts that unemployment will remain where it is, hovering around 9.5 percent, for the rest of the year.
July 30, 2010 at 2:20 p.m.
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Filed under: Construction, Development, Jobs/employment, Manufacturing Caterpillar to build plant for mining parts in N.C.
Heavy-equipment manufacturer Caterpillar Inc. said Friday it will build a parts plant for large mining machines in North Carolina, and it expects to employ about 510 full-time and contract workers in five years.
Construction is scheduled to begin in November on the Winston-Salem factory where workers will machine, assemble, test and paint axle assemblies for large mining machines. Production is expected to begin in the first quarter of 2012. Get the full story »
Imports slam GDP; Midwest activity expands
U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010. Gross domestic product expanded at a 2.4 percent annual rate, the Commerce Department said in its first estimate on Friday, after an upwardly revised 3.7 percent growth pace in the January-March quarter.
Financial markets had forecast GDP, which measures total goods and services output within U.S. borders, growing at a 2.5 percent rate in the second quarter from a previously estimated a 2.7 percent rate for the first three months of this year. Get the full story »
New Illinois law protects workers owed wages
Employers who try to skip out on paying wages to their workers will face new fines and possible jail time under a measure Gov. Pat Quinn signed into law Friday.
The law, which goes into effect Jan. 1, establishes a new small claims division in the Illinois Department of Labor where workers could try to recoup wages of $3,000 or less.
Chrysler to add jobs, extend life of sedan plant
Chrysler Group LLC said Friday that it will add nearly 900 jobs at a factory in suburban Detroit and spare it from closure. The decision is a show of optimism that consumers will embrace the company’s refurbished midsize sedans.
The jobs will staff a second shift at Chrysler’s assembly plant in Sterling Heights, Mich., just north of Detroit, which makes the slow-selling Dodge Avenger and Chrysler Sebring midsize sedans. Get the full story »
Goldman second to 1 in online employee poll
Goldman Sachs Group Inc. is the bank many Americans love to hate, but one group just plain loves it: its employees.
The firm’s employees are among the most fiercely loyal in the financial services industry, according to a survet by glassdoor.com, a career Web site. And Goldman Chief Executive Lloyd Blankfein had the highest approval rating of any CEO in the financial sector. Get the full story »
Jobless claims fell by 11,000 last week
New U.S. claims for unemployment benefits fell slightly more than expected last week, government data showed on Thursday, offering a ray of hope for the anemic labor market recovery. Get the full story »
Hyatt workers to take strike vote Thursday
Union workers from-area Hyatt hotels will vote Thursday on whether to authorize a strike in the wake of contract negotiations that have stretched out for nearly a year.
Union contracts covering 6,000 workers at 31 hotels in downtown Chicago expired Aug. 31, 2009, and the two sides have been unable to reach a settlement. Get the full story »
English muffin secrets safe at Thomas’ for now
Nooks and crannies and Twinkies don’t go together, at least not just yet.
A federal appeals court has upheld an injunction blocking one of only seven people who know the recipe for Thomas’ English Muffins from jumping to a rival.
Tuesday’s ruling by the U.S. 3rd Circuit Court of Appeals in Philadelphia lets Grupo Bimbo SAB, a Mexican food company that owns the Thomas’ brand, continue blocking Chris Botticella from jumping to rival Hostess Brands Inc. Get the full story »
Beige Book paints less-than-rosy picture of recovery
Overall U.S. economic activity is still increasing but not robustly and in a few districts has lost steam over the past several weeks, the Federal Reserve said Wednesday.
The Fed’s latest Beige Book summary of national economic conditions, based on information before July 19, pointed to a less-than-booming recovery with sluggish housing markets and sales of costly items like new cars weakening. Get the full story »
July 27, 2010 at 5:51 a.m.
Filed under: Autos, Design, Energy, Entertainment, Jobs/employment, Manufacturing Toyota delays U.S. Prius production 6 years
Toyota Motor Corp. has pushed back plans to build its Prius in the United States by as much as six years, with a top executive saying U.S. production is likely to start only when the best-selling hybrid is remodelled. Get the full story »
Ford unveils 2011 Explorer
For 2011, Explorer gets a lower profile and improved fuel economy.
The 2011 Ford Explorer was revealed in rock-star fashion this morning on stage at Millennium Park, bursting through a faux wooden crate stamped “Chicago” as vamping guitar music played.
“I believe it’s the most dramatic reinvention yet,” said Bill Ford, executive chairman of Ford Motor Company.
Governor Pat Quinn said there was competition to bring the vehicle to Chicago, a move that will bring 1,200 jobs to the South Side assembly plant here. Get the full story »
