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Show Tc submit a press release, announce a new business, or comment on Utah County bust- -' ness, call Business Editor Travis Jac'obsen during normal business hours at 344-256- The Daily Herald Friday, October 6, 1995 His October DOW (Industrials) West the best for profits this, next year: 5, 1995 NYSE S&P 500 NEW YORK AM EX UITA 1,184 Declines: 1994 avg. comp. vol.: 352,288490 Volume: Midwestern 1,107 743 Unchanged: Total issues: 3,034 440,678,520 lusinoss Hinhliohts NEW YORK (AP) America's profit machine is starting to squeak. As U.S. companies begin to report earnings for the quarter over the next few weeks, Wall Street's soothsayers expect the smallest growth in more than a year. That could be trouble for the national economy, since slowing profits tend to dissuade corporations from hiring new workers, building new factories and buying new equipment. It also could hurt the stock market, which has been showing signs of fatigue. ... build the label into a powerhouse with stars like Jimi Hendrix and R.E.M., was named chief of DreamWorks SKG Music. Ostin. 68, joins the entertainment company founded last year Stocks rise halting 3 down days holder Kirk Kerkorian challenged Chrysler Corp. to ban shareholders from receiving any profits not shared by all. The No. 3 automaker has suggested that the Las Vegas billionaire, whose Tracinda Corp. sought to purchase Chrysler six monihs ago, is seeking a premium-price- d buyout of his millions of shares a practice known as greenmail. '. ; Kerkorian has rejected that ... gestion. ; j : MEXICO CITY (AP) sug- Mexi- kpcc?ss of an international bond sale to finance the early rep ryinent of part of its U.S. emergency loans demonstrates returning confidence jn the shaken Mexican economy. But critics said Thursday that ; repayment of $700 million of the $12.5 billion U.S. debt was more symbolic than substantive, intended to shore up Mexican stocks and a wobbly peso while helping President Clinton blunt Republican opposition to his bailout package. ... i WASHINGTON percentage (AP) of Americans in poverty dropped under 15 percent last year to 38.1 million, the first year in a decade that both the rate and total declined. There were no signs the gap between rich and poor was closing. The report, coming as Congress argues over cutting programs that aid the working ptxr. followed other recent signs of declining poverty. However, the total was still 5.6 million above 19X4. when the poverty rate was 13.1 percent." Census Bureau statistician Daniel Weinberg said Thursday ST. LOUIS ; South- (AP) western Bell's plan to sell detailed information about people to the businesses they call has been put on hold because of questions about customers' privacy. The service, called Caller is an embellishment of Caller ID. which delivers the names and numbers of incomine Intel-lidat- a. The dollar LONDON (AP) was mixed today against other major currencies in early European trading. Gold prices fell. Dollar rates in Europe compared with late rates Thursday included: 1.4215 German marks, : dow n from 1.4341; 100.00 Japan-ti- e yen. down from 100.25: ,!I4I0 Swiss francs, down from J 1428; 4.9675 French francs, up from 4.9363; 1.5943 guilders, jtoun from 1.5945; .6 2.75 Italian lire, up from 1.606. and 1.3387 Canadian dollars, up from 1.3353. ; The British pound was quoted t S 1.5844. down from SI. 585 '. 1 1 1 lqte Thursday. London's major bullion dealers fixed a recommended gold price of S382.50 per ounce at midmorning. down from the closhe price of 383.00 bid Thursdav. ' In Zurich the bid was S382.50. down from $383.00 late Thursday. '. Earlier in Hong Kong, gold fell 70 cents to close at $382.99. : : year-to-ye- medical benefits and pay hours after rejecting what just their leaders railed an insulting contract offer. The union said 20.553 members, or 7H percent, voted to stru.- - Worker set up picket lines at Boeing plants in the Seattle area. Wichita. Kan., and Gresham. Ore., near Portland. "A lot of guys tell me it might be Christmas before we go back." said a worried-lookin- g worker as he left a Boeing plant in Seattle. Bill Johnson, president of tor-m- Silver traded in London at S5.30 a troy ounce, down from S5.33 late Thursday. NEW YORK (APt Spot nonferrous metal prices Thursday. Aluminum - 79.4 cents per lb. London Metal Ech Ihu Copper - SI. 3700 Cathode full plate. U.S. destinations. Copper - $1.2900 per lb. NY Comev spot Thu. Lead - 44 cents per lb. Zinc - .5050-- . 5202 per lb. delivered. Tin - S4.I973 Wed. Metals Week composite price per lb Gold - S3S3 .25 Handy A: Harman (onlv dailv quote I. Gold - $3X2.80 iroy "o.. NY Comev spot month Thu. Silver $5,300 Hands k Harman (onlv daily quote). Silver - $5,263 per troy o.. NY Comcx spot month Thu. Mercury - $250 00 per 76 lb flask. New York. Platinum $42 1. troy o.. N Y. -- -- 0 $414.10 iPooiTcWf; Profit change state 1996. 1995, then in V would not hazard a guess at how long the walkout would last, nor would any other union or comJohnson's pany representative. lodge has 23.500 of the more than 32.000 Boeing workers represented by the union. The vote was announced after union leaders emerged from the vote count with cheers of "Strike, strike!" "Now we're going to go out and get you a giod contract." Johnson said. "I can assure you that we got the message across to the Boeing company." The machinists strike is the second in six years, the shortest period of labor peace in Boe- - By MARTIN CRUTSINGER AP Economics Writer WASHINGTON nation's unemployment The rate held steady at 5.6 percent in September as a big jump in employment at firms supplying temporary workers offset widespread weakness in manufacturing. The Labor Department said today that the overall unemployment rate last month remained stuck around the level it has been since May. Since peaking lb year at 5.8 percent in April, the jobless rate has been either 5.6 percent or 5.7 percent for each of the past five months. The number of pay roll jobs rose by 121.000 last month, slightly below economists' expectations. Pay roll jobs had increased 262.000 in August, but much ot that strength came from earlier starting dates for schools. Analysts said today's report reflected an economy that is growing at a modest level alter nearly I 6 Hi IP ; , f Jc-j thrift J Utl South B1995 11996 based on analyst estimates. Idaho. 174.5, 37.5 South Carolina, 76.7, 21.1 South Dakota, 47.1, 18.1 Arizona, 39.1, 12.6 West Virginia, 35.9, 18.7 21.9 California, Oklahoma, 32.7, 17.7 30.3 Massachusetts, Virginia, 29.8, 17.7 Texas, 29.5, 17 Georgia, 28.9, 17.2 15.1 Delaware. Maryland, 23.9, 19 Illinois, 23.5, 15.2 Oregon, 22.7, 13.3 s New Hampshire, 22.6, 24.1 Washington, 22.4. 18.9 Utah, 22.1, 21.7 Pennsylvania, 22.1, 16.8 Wisconsin. 21.9. 18.3 New York, 21.1. 1 5.2 Tennessee, 20.7, 16.3 Nevada, 20.5, 25.9 Connecticut, 17.4. 15.8 12.9 s Ohio, New Jersey, 16.6, 14.8 33, 32, 28, 17, Source: Chamberlin & ' Mississippi, 16.2, 19.4 16.6 Vermont, Alabama, 14.1, 21.5 Louisiana, 14.1. 15.5 Kentucky, 13.9, 17.2 Iowa. 13.8, 11.8 Minnesota, 13.4. 17.2 North Carolina, 12.5, 12.8 Florida, 12.4, 17.7 Missouri, 12.2, 13.5 Arkansas, 12.1, 17.9 'Rhode Island, 11.8. 13.5 15, a Kansas, 11, 11.8 8.8, 16.3 8 Nebraska, 7.9, District of Columbia. 11.2 7.4 Dakota. Colorado, 4.7. 25 8 14.4 Montana, Indiana, 4.1, 12.6 Maine, 3.1, 17.7 f Alaska, 2.9, 7.1 Michigan, 0.1, 19.2 New Mexico. 30.6 Hawaii, 4.9. 14.8 Wyoming (Estimates not available) 6. s North 4.1, 4.8, Pearson Research Associates Inc.. IBE'S Inc TO? APrrracie Tso Management; responds to union's offern DETROIT (AP) Manage J ment of The Detroit News and the Detroit Free Press reacted coolly to an offer from striking unions to return their members to the jobs they left three months ago. About 2.500 workers from truck drivers to reporters : walked off their jobs July l'3j largely over work rules and wages. The six unions said Thursday they would send their members back to work under terms of expired contracts if the new spat pers agreed to. among other things, a month of intensive bar gaining and. if needed after arbitration. But Detroit Newspapers, the agency that produces and distributes the newspapers, said it would not take issues to binding arbitration and is unwilling to get rid of the 1.300 replacement workers it has hired since the strike began. Susie Ellwood. a Detroit Newspapers vice president, said those fired for strike-relate- d violence and arrests also would not be rehired. , "On the face of it. it seems that a lot of what they're asking for now is a lot of what they had on July 3. when they chose to go out on strike." she said. "They have to live with that decision." "I can tell you. we will review-thproposal and see if there's something in it that can at least be the basis for progress in negotiations." she said. . that.-bindin- International Association of and Machinists Aerospace Workers District Lodge 751. Warner Bros. Records President Lenny Waronker and Ostin's son. Wner Bros. N ice President Michael Ostin. Dreamworks SKG said. o. Thu pmmm23 " Dy Midwest o rity, Steven Spielberg. Jeffrey Katenbcrg and Dav id Geffen. Joining him in starting the company s music division will be N.Y. Merc spot per troy WA x West ilos 1 L ar SEATTLE Boeing Co. production workers went on strike early today over job secu- by - 15.6 By TIM KLASS ber unemployment rate, which is expected lo hold steadv at 5.6 percent on job eains'of about 145.000. Platinum 20.4 30.8 Associated Press Writer Investors were bracing for today release of the Septem- (contract). Profits roll in West Corporate profits tend to vary from one region of the country to the next, and analysts expect companies in the West will see the strongest overall growth in 1995 and 1996. Profits were expected to vary greatly from state to state. 1. AP Photo Striking machinist union member holds up a picket sign just before Boeing facility in Seattle. Boeing Thursday night to reject a contract historv Thev last ins's struck for 48 days n 1989.' No talks were rheduled. 79-ve- ollarsMetals MarkeT Unemployment ; ana- lysts who follow regional econom-ics- . Since the West was the last region to emerge from the recession of 1990-9profits are apt to grow more quickly For example, defense cutbacks in California hurt the earnings of many contractors. As profits begin to recover, they are improving off very low levels. Thus, the improvement looks strong. The opposite is proving true for the nation's midsection. The companies are expected to grow at 13.3 percent this year and 15.6 percent in 1996. The South and Northeast will stay in second and third positions for the next two years. In 1995. southern corporations are expected to show profit growth of 23.6 percent, second to the West. Northeastern companies should see earnings expand 20.4 percent. In 1996, the Northeast is expected to be up 16.4 percent, with the South expanding at 16.8 percent. For the nation as a whole, profits are expected to rise 20.5 percent this year and 17 percent in 1996. Individual states should show some wide variations. Idaho companies are expected to report the greatest profit growth of the 50 states and the District of Columbia this year at a whopping 74.5 percent. Leading the way. Chamberlin & Pearson found, were strong improvements by Boise Cascade Corp.. a large paper and lumber company, and semiconductor manufacturer Micron Technology Inc. in a state with relatively few publicly traded companies. Utah is expected to have profit growth of 22. percent. Machinists strike over 'insulting offer' greenback. ... ' i 1 information. Strength on the part of western Wednesday 's strategy of taking profits in that sector. But they recovered in the afternoon. The dollar fell against the Japanese yen and the Deutsch mark, as investors lost hope hat a weekend meeting of ministers of industrial nations would do much to bolster the The should report the least improvement. While not necessarily an indicator of regional economic performance, since many iaige companies do business far from their headquarters, areas that are home to corporations with profits stand to benefi' from the influx of funds. Corporate earnings can find their way into local economies through workers' paychecks, plant expansions, taxes and the like. On the flip side, slowing profit growth can hurt towns, cities and whole regions. Companies in the western United States are expected to see profits grow 30.8 percent this year from 1994 levels, according to the study, done by Chamberlin & Pearson Research Associates Inc.. a research firm based in Vero Beach. Fla. Next year, the West should remain No. with 21.7 percent growth, despite slowing significantly as will profits for the whole nation. The regional tlgures are based on the estimates of Wall Street analysis as of the last week in August. They were compiled by IBES Inc..' a New York-base- d provider of corporate earnings NEW YORK (AP) Technology stocks pulled out of a deep hole on Thursday, pulling the entire stock market up w ith them. Despite the sizable gain in the Dow. advancers logged only a slim lead on declining issues on the New York Stock Exchange. Still, there was more nervousness in the market than the rise in indexes might suggest. "The feeling is that the market's probably just fine." said John Burnett, a stock trader at Donaldson. Lufkin & Jenrette Securities. But if there is a ceiling on stock prices, there is also a floor. Technology shares dropped sharply in early trading, as investors continued co's treasury secretary said the . For- (AP) mer Warner Bros. Records chairman Mo Ostin, who helped . NEW YORK (AP) Answering allegations that he's just out to line his wallet, renegade stock- corporations fast-growi- callers to subscribers. The new service would package the Culler ID information with the caller's address and demographic information compiled by Equifax Inc., a national credit reporting and information service. LOS ANGELES Companies in the western United States are expected to see profits grow faster than anywhere else in the nation this year and next, according to a study produced for The Associated Press. NYSE Diary Advances: corporations did not surprise By FARRELL KRAMER AP Business Writer NASDAQ Ed Lutgen of Renton, Wash., midnight Thursday outside a Co. production workers voted offer and to strike. although a federal mediator could call the two sides together at anv time. rate at steady 5.6 percent stallinc out in the spring. "The basic message is that the economy has rounded the corner and is back on a forward track." said Robert Dederick. econoi..v consultant for the Northern Trust Co. in Chicago. "We have had our soft landing and we are now in a sedate recovery ." Dederick said today's report was unlikely to spur the Federal Reserve to cut interest rates any time soon. The central bank in reduced rates by a quarter-poin- t in decrease first the nearly July, three years, but since that time has remained on the sidelines as evidence mounted that the economy was recovering from its earlier weakness. "This report is telling the Fed that all is w They have set the dials at what so far is precisely the right level." Dederick said. In financial markets, the Treabond sury's benchmark rallied after the unemployment report was released as investors were heartened that there were no 30-ye- siens the economv was overheat ing. For September, manufacturing industries shed 32.000 jobs, bringing total losses since March to 2H).000. The losses last month were widespread, with the largest declines occurring in apparel and textiles, where job losses have been accelerating in the last few months. The key auto xtor also suffered big losses for the month, declining by 9.000 jobs. Trie manufacturing weakness was offset by gains in service industries, which added 106,(XX) jobs in September More than half of that gain came in business services, with temporary help firms accounting for a big increase of 35.000 jobs. With the summer vacation season ending, the amusement and recreation industry lost 13.000 jobs However, hiring in the health industrv remained strong with a gain of 25.000 Jobs in the gi' ernmenl sector fel! b. 30.000 last month, with ! most of the weakness reflecting e problem the government has had adjusting for earlier school openings. This category had shown big increase in August. Retail employment rose by. a strong 48. (XX) in September as restaurants and bars added 20.000 jobs, partially recouping big losses that had occurred in Auguisl. Employment growth at auto dealerships was also strong. j As the economy slowed frOrta robust growth in 1994. employment growth has also slowed Pyfe roll jobs had been rising by 1wn average of 365.000 per month! ih the final quarter ot 1994 Butjih the just completed quarter, the increase has averajjety just 130.000 per month. The average workweek iiKrvtf up to 34 4 hours while factors 1 o ertime rose to 4 5 hours. Averaee Kt liiVUtl.U t' 'i hourly .1 rrnts lo Septt"P'hr. erasing the month before. a 2 carniii, $11 Si ccrj I6js Hi: |