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Show ' Friday, September 7, 1990 The Daily Herald, Provo, Utah . saop&- - Stock p me s raSiy Unemployment rate climbs to 5.6 Percent in August - The na(AP) tion's unemployment rate rose in August for the second consecutive month, climbing to 5.6 percent for the highest jobless rate in two years, the government said today. Last month's rise in the civilian jobless rate, up from July's rate of 5.5 percent, brought unemployment to its highest level since the 5.7 percent rate posted in March 1988, the Labor Department said. The SEE Unemployment Percent ol work torce, seasonally adjusted 6.0 5.0 W.O largely caused by the economy's failure to produce many new jobs last month, the government said. In fact, all business payrolls actually fell by a total of 75,000, but much of that was caused by the thousands of federal census workers who were laid off, the government said. Still, private industries overall lost 12,000 jobs as well, with the slump in the construction and manufacturing sectors continuing. Analysts had been bracing for weak payroll numbers in August, which they blamed in part on the Middle East crisis, saying it probably had unnerved businesses and kept them from hiring new workers. However, the U.S. economy has been sluggish for months. The Middle East conflict has not had time yet to fully impact the nation's economy, analysts said. "It's really a question of whether the oil shock is going to tip it over," said Robert Dederick, chief economist at the Northern Trust Co. of Chicago. The nation's manufacturing slump continued in August, as factory jobs posted a 45,000 loss. It was the 16th time out of 17 months that manufacturing jobs declined. Since reaching a peak in January 1989, the manufacturing sector has lost 455,000 jobs, NEW YORK (AP)- Friday's noon New York Stock Exchange selected prices: Stock Last Chg AMR Albtsn s Alcan AldSgnl Alcoa Amax AmHes ACyan AElPw AHomes Amrtch AIntGr s AT&T Amoco Anheus Armco AtlRich Atias Avon BakrHu BnkAm Beamg HLgUB-gj- fiLSLSUH- - a SOND 1990 JFMAMJ JA 1989 Aug. '89 I 5.3 Jul. '90 r5-- 1 5.6 Source: U.S. Dept. ot Labor Gen. Tel. it Elec. Hercules Inc. Intl. Bus. Mach. Knss Gas & Electric Fred Meyer Marriott Merrill Lynch McDonalds Ohio Edison . Occidental Pet. Pinnacle West (AZP) Pub. Svc. of Colo. Pub. Serv N. Mex Smith's Food&Drug Savin Bus. Mach. Syntex Teleflex V 1- 31 34!i 27 34 354 4 8 25 V4 GenEl v GnMills 52 V 21- i- GnDyn 26'4 47ft Hi 55V4 Vt 67H 31 H H GnMotr GM E 8 GaPac Gillete Gdrich vt Goodyr 4 i V4 13V4 30 32 22 18 v 20 19V4 2OV- 94 51 24 83'- A-l 26 Bmwk BurlNth CasUCk 9"4 29 Lockhd Loews LnStar LaPac 8 Vt 3- 4- Caterp 44 Vt Chmpln Chevrn Chiquta Chryslr CoeaCl s ColgP ColGas Comsat ConEd Contel 27 V4 78 24V4 13 V4 V4 CtData 14 CurtW n DanaCp 3- Deere 5- Digital Disney DowCh s 65 v. 25- 1021 42 50 35 Vi 21 Wolwth s 244 Xerox ZenithE 40V4 V 6 482 78 66 2- 6- 0- 4- Nortrp Norwst American Stores Am. Exp. V4 Nynex OcciPet 234 Olin 38 64 Vi 23 24Mi Avnet AT&T Boise Case. 0- 17 17 70 B-- NEW YORK STOCK EXCHANGE Open Close 32v 32 Albertsons 18 NflkSo Commodore Int Eastman Kodak Geneva Steel 1 IF 64 23'4 31 24 31 301 30v Only j AP nation's jobless rate had also hit 5.6 percent in August 1588. Analysts said the report showed fresh evidence that the U.S. economy is either already in a recession or about to topple into one. "It's becoming clear that we are sliding into a recession," said Martin Regalia, chief economist at the National Council of Savings Institutions. "If it's not quite flatlined, it's time to get the jumper cables out and do something." The weak employment report would probably renew pressure on the Federal Reserve to lower interest rates to spur the economy, private economists said. The rise in unemployment was Health services, which had added an average of 50,000 jobs each month in the first half of this year, continued to show robust gains, posting a 44,000 jobs increase last month. Labor costs, which have been rising and are being blamed for 15Ve 25 5 25 25 25 1 1 134 12 3 25 .14 .15 1.81 1.87 Mines .68 .75 Crested Corp. Crown Energy EFI Corp. Environmental Serv. Four Nine's .68 Consolidated American ATNN Centurion 13 3.25 3.43 1.75 2.00 .0075 5 41 5V4 11 40 11 mm Hi g 55001 4.60 15.52 10.51 23.67 19.90 13.99 22.58 18.10 7.66 16.62 21.66 18.21 13.05 20.66 16.56 7.22 15.21 W Ill Minn IIMH I Gas (new) .01 .025 1.31 1.44 2.87- 2.94 .03 .08 Iomega 5.25 5.37 Larsen Davis 1.87 2.00 Lightning Bolt Merlin Mines .005 .015 .25 .34 Mieroshare .20 30 .005 .03 1.87 1.94 1.37 1.50 (new) North Hampton North Lily Prime Resources (PLDS) .04 .055 2.31 2.44 Ramex S.K. Technology Stansbury (SKTC) .28 .18 Mining Target Capital .03 .09 Tuma .03 .0475 .02 .03 U.S. Energy U.S. Gold 10.00 10.25 .44 .50 Vencor Intl. .18 .22 VIP .02 .04 3.50 3.56 Uoland 14.68 16.04 7.18 7.85 1i .10 Grand Valley Guild Mark 9.19 .87 .09 .0025 Golden Age Gold Standard 15.92 12.29 15.56 10.51 Asked Bid (ComM) Wicat Provided to The Daily Herald By Wilson Davis II 1111 H1 aid Co. M BEAUTIFUL HEART Iron g Only $9500 wpoly deck trundle $17500 wpop-up wpoly deck QQ 9 trundle wpop-u- p 511900 $19900 1 Mm. 1 EDS AME RICAN MADE iron 1 I UIIIV AMPlUUl aai w : With Solid Oak Frame 125 wpoly deck wnnn.i!n trnrsHIo SOflEOO 90011 worsening the nation's inflation problems, rose only moderately August. in Haaga s Mattress Factory Has A - The fiConstruction loans by Western (AP) performance of banks in banks rose by almost $1 billion the Midwest, South and West during the period, including $881 showed improvement in the second million in California, while they quarter, while loan problems con- decreased overall for the industry. tinued to grow in the Northeast and Despite the progress in some reSoutheast, government figures gions, "the quality of the banking show. industry's real estate loans is conFederal Deposit Insurance Corp. tinuing to decline," the FDIC said. figures show Utah banks had a Nationwide, delinquent real estate profit of $29 million in the second loans increased by $3.2 billion in quarter of 1390, a 68.4 percent the second quarter, a rise of 13 increase over i939s second quarter. percent from a year earlier. Seidman conceded that the outNationwide, commercial banks earned $5.3 billion from April look for banks and the economy has through Juns of this year, down 24 been complicated by the Persian percent from the same period in Gulf crisis and the resulting increase in oil prices. 1989, the Federal Deposit Insurance Corp. reported Thursday. Higher oil prices should help TexThe FDIC said banks in the as and the Southwest, but that Northeast dragged down profits for "certainly is not going to be helpful the entire industry, which had to New England," he said. earned a record $7 billion in the "They're making a bad situation second quarter of 1989. worse for a lot of banks that 'It's not great, but it's not terri- already had problems," Litan said, ble," said Robert Litan, a senior noting that the inflationary effect of fellow at the Brookings Institution, rising oil prices tends to make a Washington research group. "It's banks more cautious about making new loans. continued sogginess, basically." Banks in the Northeast had a At a news conference, FDIC Chairman L. William Seidman said total net income of $1,026 billion in the latest banking results are "very the second quarter, down a steep much a mixed bag." Banks in the 62.9 percent from the same period West appear strong, while "New last year. Real estate values have fallen England is having ... a real recessharply in the region. Nearly all of sion," he said. the banking industry's $2 billion Six states registered a strong decline in delinquent real estate increase in provisions against fuloans: Utah, Illinois, Wyoming, ture loan losses was accounted for Kansas, Montana and North Dako- by banks in the Northeast, where ta. Eighteen others showed some those provisions rose by $1.9 billion. That was more than twice the decrease. Most of the growth in real estate amount set aside for future losses loans overall came from banks in by Northeast banks in the second the West, where they increased 7.25 quarter of 1989, the FDIC said. "The real estate problems of the percent during the second quarter. Home mortgages in California Northeast have spread to the banks which jumped more than states, and signs of real estate weakness have appeared in account$5 billion, or 11 percent ed for most of the growth in real several Southeastern states," the estate loans in the West. agency said. WASHINGTON 15 SPECIAL PORTFOLIOS Bid Ask 12.18 12.18 Option Income 14.01 14.01 Equity Growth Banks in West perform well nancial NOMINAL QUOTES SHEARSON CIAL1! Iron 35 11.58 14.67 9.19 4.60 15.52 Keystone Keystone 2 Keystone Tax E Oppen Directors Oppen Special Oppen High Y. Pioneer Fund Pioneer II Putnam Voyager Templeton Grwth Templeton World Templeton Global S & P Index 500 320.46 S it. P Index 100 303.74 V4 811V4 Navistr 35 14.57 B-- 4 Industrials 2596.29 Transportation 842.20 V4 32 15 4 2 27 3 26 Am Cap Comstock Am Cap Pace FD Am Cap Venture Eaton Vance Muni Open Close DOW JONES AVERAGES VOLUME 126,730,000 18 35 27 4- 57 29 33 19 Bid Ask V, Ask H-9- Galtech 304 NtSemi 29 32 Weyerh Birl 17.15 M. Growth 8.87 Appreciation 5.76 6.06 Fndmntl Value 24.96 26.27 Global 12.55 Govt Managed 13.44 ".77 Yield High 15.43 Managed Muni 15.94 16.78 Precious Metals Provided to The Daily Herald By Shearson Lehman Hutton An American Express Company MUTUAL FUNDS 92l4 Nil V4 v. 6241 WstgE s 23 13 20 10 30 28 Apple Computer Duriron First Security Iomega Novell Sage Analytics Valley Nat Corp Wicat Zions First Nat'l. - 75'' MMM Mobil Monsan s MonPw s NCR .. 14 36 39 15 26 45 29 23 12 21 10 30 16.51 11.12 16.59 10.13 SHEARSON GROUP 201 Bid Ask 13 33 30 26 I6V4 Tax Exempt High Inc. Bond OVER THE COUNTER 4- 72 8 34 Univar s Unocal s Varian WarnLs 4 v. 2- Unisys USWst s 94l4 654 244 834 33 16 IntermdtGovt 964 964 Pac. Pwr. Works Wash. Water&Power 942 20Vi 27V4 16 16.51 11.12 16.59 10.13 Intl. Equity 25 57Vb 29Vo 33 19 USX . 10341 Merck 42lV4 . MartM 2- McDonl McDnD McKes Vt 64 48 28Vi. 22 30 MDU 6- SFePCp SaraL s ScottP Sears 10- 435 Hmstke BntPt V4 60Vj 4- ReyMU Rockwl RoylD SCEcp SaftKln 21 27 23 17 UCarb UnElec UnPac 11 34 1 32l PugetP Quantm Questar RalsPur Vi 184 44 PSvCol 77l 4 Vi 58 64 26 Transm 58 35 .. .. V4 143'4 vjTodSh v 384 47 22 27 V4 4 45 28 31 UAL Cp USX IntPap JRiver K mart Litton 30 33 70l',4 604 27 46' tk 1 Trinova 4 544 IdahoP Vt 45 25 TriCon V4 24 26 ' Tektrnx Teldyn s Tennco Texaco Texlnst Textron Timken 16 HeclaM HewlPk Honwell ITT Cp TRW 1 164 PopeTal PortGC Syntex 314 37 31 Grace GreyhD Halbtn V4 Potltch Primca Proctr, s 604 854 INCO IBM Dresr duPont s V, 26 34 v 6v 23 48 57V 39 FMC 544 W SouthCo SwBell FIntste FordM FrptMc GTE s Gannett GenCrp 24 139 37 21 40 19 PanAm Penney PepsiCs Pfizer PhelpD PhilMr s PhilPet Polaroid Vi 574 PacEnt PacGE PacTel Pacifcs 66' V 19 26 29 30Vi 102 102 24 24 14 14 Vi 17 17 100,000 Aug. '90 1 2- SierPac 50 4214IV4 49V4 H the government said. Industries with the largest losses include elec- tronic equipment, which has lost jobs, motor vehicles, which has lost 80,000, and apparel, which has posted a 55,000 job loss. Meanwhile in August, the construction industry continued to suffer as well. Those payrolls fell by 40,000 jobs, after a seasonal adjustment, posting the sixth consecutive decline to reflect continued weakness in the housing market. The construction industry has lost nearly 100,000 jobs in the past three months alone. 33V4 144 50 404 BellAUs BellSo Boeing s BoiseC Borden s BrMySq post-recessi- JB H H 44H OutbdM EKodak Eaton Exxon : ia.6j Quotes Stock prices or corporate profits. NEW YORK (AP) Interest rates rose in the governrallied today, recovering some of ment bond market after the report Thursday's losses. ,Tne Dow Jones average of 30 was issued. industrials, down 31.93 on Thursday, Among actively traded blue chips, to 45; Genrlimbed 26.23 to 2,622.52 by noon on Philip Morris rose to Wall Street. eral Electric Pepsico 1 60; to 25Ms; International Business MaGainers outnumbered losers by chines IVt to 103, and Eastman about 5 to 3 in nationwide trading Kodak Ve to 40. of New York Stock Exchange-liste- d Oracle Systems tumbled 2 to 7 issues, with 811 up, 468 down and as the volume leader in the 493 unchanged. market. The company ' said it would post a loss for the Analysts said the Labor Department's report for August on the fiscal first quarter ended Aug. 31. The NYSE's composite index of employment situation suggested all its listed common stocks gained continuing weakness in the economy but not enough evidence of 1.73 to 177.79. At the American trouble to warrant action by the Stock Exchange, the market value Federal Reserve to relax its credit index was down .23 at 324.27. Volume on the Big Board came to policy. 62.68 million shares at noon, against Thus, the data seemed to provide little encouragement for traders on 61.49 million at the same point the outlook for either interest rates Thursday. WASHINGTON A Qi fprQ UlULlVj mid-Atlant- ic W 7" J Hi J MATTRESS BARGAINS f(M jjaaq ) LOREj QUILTED FOAM MATTRESS FULL m KING QUEEN HURRY! SALE ENDS SEPTEMBER 8!! 90 DAYS FINANCING AVAILABLE! NO DOWN, NO INTEREST, NO PAYMENT wS200 min. purchase O.A.C. DEFER PAYMENTS 'TIL DECEMBER 1990! 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