| Show Friday December Standard-Examin- er Wait long enough any guess will come true NEW 12000 Personal income falls 02 Soft landing predicted for economy higher temperatures affect energy costs Personal income Here is a look at Americans' personal income The Associated Press Seasonally adjusted $8 40 trillion — YORK - If you something long says economist William (Dunk) Dunkelberg there’s a good chance you might eventually be right That’s why confesses Dunkelberg university professor sometimes economic forecaster and occasional iconoclast “we always say: Give ’em a date or give ’em a number' but never both at the same tune’” A lot of forecasters are making the Claim and the boast of having foreseen the economic downturn as well as the collapse of the g stocks that sort of symbolized the decade’s exuberance The evasions are especially visible among the authors of d stock advisory letters many of whom stand out from the crowd because of then muddied faces They gave then readers numbers - and dates Now seeking to pacify readers and avoid cancellations the letter wnters seek the understanding of readers saying “Who could have foreseen such a battle for the White House?” or promising big profits to come Most of them however have learned a lesson: They avoid dates It’s safer that way and it enables them to look back from some indefinite time m the future and say “See I told you so ” Never mind that in the meantime the hot company might have cooled to a new low been threatened with bankruptcy and d chief fired two executive officers before recovering its hearings The moral of this for individual' investors is to know thyself -know what you’re buying before committing your money do your homework andv listen to the “experts” if you like - but make your own decisions Dunng the stock market explosion - and it was that the Dow Jones average which reached 1 1722 points this year was only 3000 or so m April 1991 - millions of investors chose to let others decide for them Many of those new to the market made then choices through mutual funds rather than troubling themselves to develop a basic understanding of the marketplace Not the worst offense perhaps but often costly To illustrate: As with individual stocks the thousands of mutual funds that now exist vary in performance A relauve few exceed the market averages most do not Some actually lose money The more serious abdication of personal responsibility involved investors who never took the time to investigate either individual stocks or mutual funds but instead took the advice of gurus who promised huge profits Promises of course are easily made And gurus come m various assortments just as do stocks themselves The promotions of gurus are usually written by adept at creating illusions of wealth Whatever the reason the illusions became an absurd reality - briefly Investors that is thought pnly briefly before paying hundreds of dollars for $1 of annual earnings Stated a bit differently at that rate it would have taken hundreds of years for an investment to pay off The rationale for huge rauos was - and to a degree still is - that profits would grow at a swifter rate and shorten the payout period an achievement reached by a relative few companies But many sought after companies had no earnings at all and collapsed Still not all is lost After losing their shirts some small investors will come away with a lesson that being that stock market advisors might oiler guarantees but that money-bac- k the guarantee applies only to the subscription price - John Cunmff m rites a business financial column for the Associated 7 80 i Current $8 4l One month ago $8 421 One NO Illlllllll JFMAMJJASO 1999 2000 high-flyin- Department of commerce ap WASHINGTON - Americans’ incomes declined for the first time m nearly two years the government reported Thursday providing fresh evidence that the economy is shifting into a lower gear The Commerce Department said that personal incomes fell by 02 percent last month reflecting a big swing m federal payments to farmers while consumer spending edged up just 02 percent the weakest pace in six months Economists worried that the weakness m the consumer sector could intensify if Americans suddenly become more cautious in their spending habits because of the volatility on Wall Street Stock prices fell sharply on Thursday reflecting continued investor worries that the slowing economy will further erode corporate profits The Dow Jones industrial average was down almost 300 points m trading It er recovered closing down slightly more than 200 in Ocf points for a 2 percent loss The huge runup in stock prices in recent years has been a major force behind the long economic expansion propelling consumers through the wealth effect to boost purchases near-deca- Unemployment rises In another sign of economic weakness the bor Department said that the number of La- laid-o- ff workers filing new claims for unemployment benefits rose to 358000 last week the highest level m more than two years Merrill Lynch economist Stan Shipley said jobless claims have been rising for a number of months consistent with his forecast that job growth along with the overall economy is slowing The 0 2 percent nse m consumer spending in October the smallest increase since a similar rise last April reflected a steep 2 3 percent drop in spending on durable goods items such as cars expected to last three or more years Joel Naroff head of Naroff Economic Advisers m Holland Pa said the fact that consumer See ECONOMY6D Press nee iPaDEHCr AT A GLANCE Newgate nears full 1 tenant occupancy ls outlets are operating there for the holiday season Blindside Franklin-Cove- y and Nach-- 0 Fast leased permanent space at the mall bringing occupancy to 90 percent Blindside specializes in skateboards and snowboards Franklin-Cove- y sells products and Nach-- 0 Fast markets Mexican food and smoothies Thirty-tw- o retailers are operating under Newgate’s specialty leasing program which offers entrepreneurs space on a temporary basis The mall also extended its hours It will be open Dec 10 and Dec 17 from 1 1 a m to 7 p m and from 8 a m to 10 p m Dec 18 te Dec 23 More than 2 million shoppers are expected at the mall during ' December strikes deal AT&T with f " Japanese firm NEW YORK-ATCorp is selling 16 percent of its wireless f business for $9 8 billion to NTT DoCoMo Japan's top mobile phone company giving AT&T j new funds and a savvy partner in the drive to deliver mobile &T a flextime worker at Arthur Andersen plays with how it's worked out” she said of her 3 12 day week FLEXIBILITY with GIVES MORE: Amy King son Adam at their Plano Texas home “I'm thrilled Flextime adds up in accounting field important meetmgs You do have to be reduced hours offer flexibility they also require planning While flexible” she said “You might think if you By CRAYTON HARRISON Knight Ridder News Service accounting firms tout scheduling - such as and job sharing - in recruitment wars But it takes a good planner and communicator to make such schedules work “You can’t put things off till the last minute like sometimes we all do You have to analyze everything that’s going on to see how you can make it better” said Amy King experienced manager for Arthur Andersen’s Dallas audit practice King knows the ms and outs of flextime week smee her She's been working a son was bom in March For King the unorthodox schedule meant she had to establish guidelines for about when they should call her at home or leave a voice-ma- il message at work “There have been a few days where I've for those come m on those off-da- Many have flexibility you’d be at the office all the time but that’s not true I’m thrilled with how it’s worked out” It also meant changes in her home life Her husband Jeff works m Plano closer to home than King's office m downtown Dallas so he often is in charge of routine errands and pediatrician visits The Kings also got a maid for the first time so they could concentrate on spendmg quality time with their son Debbie Witte a senior manager m Ernst & Young’s audit practice also went to a flextime schedule when her son was bom in 1998 She’s been impressed with the way her and company management have handled the change “Everybody was really positive and did everything they could to make it work” Witte said “Initially it took some work to make sure bosses and subordinates knew where I was but now that everybody’s been little need for doing it for a while there’s more communication ’’ At first W itte worked about 30 hours a week Now she’s up to about 35 hours That’s almost full time but in accountmg where workmg nights and weekends is a way of life it’s a significant change Witte said And she said the schedule is flexible enough that her clients haven’t even noticed the change “Since I’m there during busmess hours most clients don’t even really know it’s gomg on” she said King said clients who know have had little trouble with her flextime schedule “They said ‘We have kids too We understand”’ she said “They’ve been very accommodating and they know how to reach me But I think it’s more the security of know mg they can do that than anything else ” Gomg to reduced hours hasn't inhibited Witte’s ability to grow professionally she said She w as promoted to manager after her switch to flextime “Had Ernst & Young not been willing to do something like this for me I would no longer be at Lmst & Young" she said “But the reaction here has been really positive” Linda Clifton a tax manager at Arthur See FLEXTIME 6D free-lance- rs -- Exan - high-price- gs Standard Top of Utah Research OGDEN Three new stores recently opened at Newgate Mall and another 32 retail high-price- pnce-eamin- Source Reel Theatres now owned by North Pointe Both movie houses are independently owned showing movies first-ru- n By DAVID TRQESTER Standard Examiner staff - Reel 12th acquired by of North Pointe Theatres m North Ogden The deal was finalized Thursday Officials negotiated the purchase dunng the last 12 months Details were not Reel released but the was built for S3 8 million three years ago “It's going to be called Centre Pointe Theatres” said Jeff Hollingsworth one of three new owners with his wife OGDEN 151 E six-scrc- Carolyn Hollingsworth and Tom Chambers The Hollingsworths live m North Ogden Chambers has a home locally and m Arizona “Basically we're hometown We’re local” Hollingsworth said The purchase was not a cash deal It was financed he said It mcludes the Reel theater and three acre site North The Pointe owned by the Hollingsworths and Chambers sits on 4 7 acres It opened four years ago and has four screens North Pointe Manager Nicole Moms aKo will manage Centre Pomte The combined work force at both theaters is 35 e and five part-tim- e employees The acquisition comes at a 16000-square-fo- 15000-square-fo- ot full-tim- turbulent time for the theater industry Large chains such as United Artists Edwards Silver Cinemas Cineplex and Carmike recently have battled financial woes and in some cases filed bankruptcy Carmike did In August the company closed its City Square 4 theater in downtown Ogden and Riverdale 4 in Riverdale as part of reorganization Both were discount theaters “Concolidation is not the trend The trend has been expansion and the expansion has collapsed in on itself m the last 18 months" said David Sharp owner of F ilm Serv ue Theatre Group a Salt Lake Citv movie-bu- y ing agent for independent cinemas in L tah Nevada and Colorado "The problem as I see it wuh these public companies is that their publicly traded stock keeps going down to a point where their assets are going to be ml and their liability great” Sharp said If independent theater owners have any advantage it's lower overhead because of hands-o- n management he said "It's very competitive because there’s so many screens” said Tony Rudman president of W estates Theatres a Salt Lake Citv film broker "Overbuilt” is the word he used to characterize the industry W estates is the new film broker for Centre Pointe and North Pomte theaters ou can reash Business Fditor Das id Trcn o r at or dtrih 'ter a standard m t 625-424- 4 Internet services The widely expected deal announced Thursday gives NTT DoCoMo access to the rapidly growing U S wireless phone market while providing AT&T cash to help reduce its massive debt AT&T also revealed Thursday that it has decided to upgrade its wireless network with the GSM cell phone technology used throughout Europe and Asia The move to the GSM standard is designed to accelerate the transition to wireless technologies including m DoCoMo s wildly successful platform for wireless Internet services Euro hits monthly high against dollar l 1 FRANKFURT Germany -Confident in a climbing euro the European Central Bank kept its key interest rates unchanged as economic growth showed signs of v ' ' ' M rl slowing The euro topped 87 U S cents for the first time this month - initially getting a lift from weak U S economic figures then taking another upturn when investors saw that 2 expansion minded European firms won t face higher borrowing costs for now Most analysts had expected the Frankfurt based central bank to hold its benchmark interest rate steady at 4 75 percent after having already boosting it six times this year to cool inflation And many predict no further increases before New Year s -j -- MARKETS NORTHWEST Grain T1 vwy ” 4 ic C -e 4 -- c A — - 4- y 4 3 ul C o 2 o 6" 0 da'y w - e rears ba”v 5 ''SC-r-w- ® “C -- p N O- ' 4 Oa"-4- “'C 2 4 4 3 8 1 01 3 32 J I - - S'andartf Examiner sta' and wire service? |
