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The Journal Times from Racine, Wisconsin • 29

Publication:
The Journal Timesi
Location:
Racine, Wisconsin
Issue Date:
Page:
29
Extracted Article Text (OCR)

the Journal Times 1Up843 Unchanged 58O i Down 1 843 THURSDAY June 4, 1992 1 1 i 1 1 nil SECTION tieo5 "Slh mm 6 These figures more accurately represent what American workers have known all along that this was a severe recession and a disaster for workers, who saw 2.2 million jobs disappear. Sen. Paul Sarbanes, Joint Economic Committee chairman WASHINGTON (AP) The Labor Department said Wednesday that 2.2 million payroll jobs were lost in the last recession, a figure that is one-third higher than the government's previous job-loss estimate. Red-faced officials said they are still at a loss to totally explain how such huge error could have been made, but they insisted that it was not politically motivated to make the recession appear less severe. The new estimate, which was released Wednesday as part of the government's annual benchmark revision of its employment statistics, showed that 2.20 million jobs were lost between June 1990, the month before the recession officially began, and mild or shallow," said Sen.

Paul Sarbanes, D-Md. and the chairman of the congressional Joint Economic Committee. "These figures more accurately represent what American workers have known all along that this was a severe recession and a disaster for workers, who saw 2.2 million jobs disappear." Private economists said Wednesday's announcement went a long way toward answering last year's puzzle of why confidence surveys showed Americans so fearful about- the future when the government's economic statistics were depicting a mild recession. Even with the revisions, the job loss for the recession was still below the average for post-war downturns. The new figures put job loss at 1.8 percent of total jobs in the payroll survey, compared to an average of 2.7 percent for the eight previous downturns since 1945.

The unemployment rate, which was 5.3 percent in June 1990, before the recession started, hit a 6'-year high of 7.3 percent in February and March of this year. Those rates were not affected by Wednesday's revisions because they come from a separate survey of households rather than the survey of business establishments, in which the errors were discovered. Private economists and government policymakers normally pay more attention to the business survey of jobs. January of this year. Under the old figures, the job loss for that same period had been put at 1.68 million, 32 percent below the new estimate.

Democrats seized on the new report as evidence that the economy was in far worse shape than the Bush administration has been willing to admit. "Today's figures should put to rest once and for all the myth that this recession was Fsictoiry fdfeifs sdlwainic. Plumbers end strike, mediation scheduled of 1.6 percent; 0.7 percent in February, and 0.5 percent in January. It was the longest string of advances since the six months ending in August 1988, yet orders remained 4.4 percent below peak of October 1990, early in the recession. Analysts are looking to manufacturing to help lift the economy out of the 1990-91 downturn.

At first, factories are expected to work existing employees longer hours to meet increased demand, but a sustained rise in new orders eventually should produce more jobs. A worrisome note in the report was an eighth consecutive decline in the backlog of unfilled orders. They edged down 0.2 percent to a season ally adjusted $501.8 billion. That means factories are having little trouble meeting demand despite the rise in new orders of the last four months. "That does not bode particularly well for production over the next few months," said economist Norman Robertson of Mellon Bank in Pittsburgh.

In April, orders for durable goods expensive goods from trucks to turbines rose 1.3 percent. Orders for non-durable goods, such as food and clothing, rose 0.7 percent. The overall increase was bolstered by a 20.4 percent jump in orders for expensive military hardware and a 5.9 percent rise in orders for transportation equips ment such as ships, aircraft and autos. WASHINGTON (AP) New orders to the nation's factories rose 1 percent in April, marking the longest string of consecutive gains in nearly four years, the government said Wednesday. Economists said the advance, the fourth straight, suggested the economic expansion was continuing, albeit at a less than robust pace.

"It's progress, but it's slow progress," said economist Cynthia Latta of DRI-McGraw Hill, a Lexington, forecasting firm. Manufacturers told the Commerce Department they received a seasonally adjusted $243.85 billion in new orders in April, the highest level in nine months. Orders had risen 1.9 percent in March, revised upward from a previous estimate A strike by union plumbers ende4 after one day. Jim Gain, business manager for Plumbers and Steamfitters Local 118, said the nine-member Contractors Association signed an interim agreement which put plumbers back to work Wednesday while negotiations continue. A bargaining session with a federal mediator is scheduled for this morning, he said.

Local 118 regreswits 350 plumbers in Racine, Kenosha and Walworth counties. The plumbers struck Tuesday morning after narrowly rejecting a three-year contract proposal. Later that day, an interim agreement was signed. Gain said several independent firms which honor the union contract already have signed the interim agreement. The plumbers last struck for 28 days in 1983.

i adds desktop publishing courses after first classes filled Ssizincg of to resume Business Today Courses will be taught in GTC's new 18-work station Macintosh laboratory in the new Racine classroom building. Apple Macintosh computers are used by a variety of businesses to produce brochures, catalogs, graphics, magazines and video presentations. Troeller said Gateway already has added two sections of introduction to desktop publishing, which will run from noon to 3 p.m. on Tuesdays and 6 p.m. to 9 p.m.

Thursdays. Other courses will likely be added as the need dictates, he added. "In recent memory, this is probably the one single item we have gotten the most calls about," Troeller said. People interested in signing up for the two new course sections or who want to be put on a waiting list for the other desktop publishing courses are asked to call GTC's business education office at So many people rushed to sign up for Gateway Technical College's new desktop publishing program last week that the courses filled within a few hours, prompting the college to add more course sections. Only hours after an article on the program appeared in last Friday's Journal Times, most of the 75 spots in the five-course program were filled, according to Ralph Troeller, GTC vice president and administrator of the Racine campus.

"We knew this was going to be a popular program, but I didn't think people were going to leave their jobs Friday to register," said Troeller. The 12-credit program features courses in page layout, introduction to desktop publishing, graphic arts and design. It is designed to meet the need for employees trained on the Macintosh desktop publishing system. Graduates will earn an advanced technical certificate. Mail Boxes Etc.

opens Mail Boxes a firm offering postal, shipping, communications and business support services, has opened at Regency Pointe Shopping Center, 2310 S. Green Bay Road. The local store is owned by Alma Dearth, a 25-year Racine area resident. The mailbox rental service, with 24-hour access, provides a street address which is not available with standard post office boxes. The private mailbox service also offers privacy and is available to businesses that can't use a residence for commercial purposes.

Mail Boxes Etc. also offers telephone messaging, photocopying, stamps, packaging, shipping and office supplies. Telephone 554-7337! Venture Network to meet Joan Lloyd, operator of a Milwaukee-based organizational development consulting firm, will be the featured speaker at the Wisconsin Venture Network meeting in Milwaukee Lloyd, a syndicated columnist and radio-TV personality, specializes in efitrepreneurship and work-related issues. The 11:30 a.m. luncheon meeting will be held in Memorial Hall on the third floor of the Milwaukee County War Memorial, 750 N.

Lincoln Memorial Drive. The cost is $20. For reservations, call 1-278-7070. Housing starts rise seen A 15 percent increase in new housing starts is projected for Wisconsin this year by U.S. Housing Markets, a housing industry research service.

Wisconsin homebuilders are expected to start 28,900 projects in 1992 compared with about 25,000 new homes last year. The researcher reported that an overall mild recovery less than 9 percent is expected for the U.S. in 1992. About 1.03 million new homes are expected to be started during the year. A residential construction upturn is projected for three-fourths of the 50 states.

Notable exceptions include California and Nevada. Florida will lead the nation in housing starts with 95,900 this year but some of the best gains will come from the Great Lakes states, the report said: Dow rises 10.89 NEW YORK (AP) The stock market posted some scattered gains Wednesday, steadying after after Tuesday's late decline. Analysts said investors were cautious about chasing after stocks given the market's recent choppy performance. The Dow Jones average of 30 industrials, down 17.11 on Tuesday, rose 10.89 to 3,406.99. Cheap air fares sometimes hard for many travelers to get WASHINGTON (AP) Regulators said Wednesday they will resume seizing insolvent savings institutions and put them under government management until Congress approves money to protect depositors.

On Friday, the Office of Thrift Supervision will seize five of 45 considered likely to fail, transferring them to the Resolution Trust which will manage them until Congress acts on the administration request for funds. The thrift office, an arm of the Treasury Department, will take over four or five insolvent per week until all are transferred to the RTC, said Timothy Ryan, the office's director. He said the will be from various parts of the country, but declined to identify them until after they are taken over. Financing for the bailout expired April 1 after the House rejected, 298-125, a bill that would have kept the program going. Ryan said if the money had been provided his agency would have been able to wipe out the failed losses and find new owners for them, saving taxpayers the cost of operating the institutions at a loss.

"It is frustrating to me that Congress refuses to act, letting millions, perhaps billions, of taxpayer dollars pour down the drain Ryan said. 1 RTC Chief Executive Albert V. Casey estimated that the first three-month delay will add $200 million to $250 million to the cost of the bailout. A second three-month delay would add an additional $600 million to $900 million, he said. including how many people will show up at the last minute willing to pay full price.

After accounting for those last-minute passengers, the airlines try to fill the rest of the plane with people who have the time to go for advance bargain rates. The airlines call it "capacity control" or "yield management," but it basically means business travelers who fly on short notice, or first-class travelers who aren't worried about the money, will always find seats available. "Obviously you're trying to maximize revenue," said Neil Monroe, a spokesman for Delta Air Lines. "You're trying to make sure you won't sell seats at a leisure-type fare when there may be a business traveler who wants that seat later at a higher price." That means there will be different numbers of lower-priced seats available on every flight. No one knows how many, except for airline executives who keep those figures a closely guarded secret and can adjust the number of cheaper seats up or down if they feel the need.

NEW YORK (AP) Just because the airlines are running a big fare sale doesn't mean you can get the price you want on the flight you want as thousands of frustrated travelers are finding out. The airlines have developed an intricate system of selling seats on the same plane at vastly different prices, to make sure they get the maximum business from all types of customers. So while American Airlines tried recently to simplify fares with a four-tier structure intended to bridge the gap between cheap tickets and the expensive seats, it still can be hard to get bargains on desirable flights. Airlines have been swamped this week with millions of calls from people trying to take advantage of the sale, scheduled to end Friday, that cut the lowest fares in half for travel in the lower 48 states. By early in the week, many of the cheaper seats were gone.

Average travelers may be confused or even angered, but there is a method to the madness. The carriers estimate who will fly on a given flight, (Continued on Page 2D) New York Stock Exchange AOIF Chubb ChrDwt MrgSpfC Worgrto 2 18 57 AAorgn pf 5 71 MorRndi 80 21 to .3 25to to Sou 5 APrac HowlCp .16 9 HubelA 1.56b 49 HubelB 1.56b 53 HudFd 12 7 Hully 5 -30 18 BurlNth 1.20 45 BrINo pi .55 9U BrIRjc 41 BornPP f.36 16 CrayRs 32 CrlttAm 47 to CrmpK .32 CrosTm lito to 1 44 22- 1 resd Apr. NEW YORK (AP) WMiwIav'i list Stock Ajj' Ch AR I2t- Vt ACMIn 9i 11... WtqHty MBNA MCN iWDC MDU WEI MCR IVGF WIN WWT WFM Am Chyrn -n IV. Icorp 2.4ft 3SW- to Inn Bel .80 IB to LlrtGE 2.48 33 to CinG pt 9 28 103 ClnG pt 9-52 101 3 96 58'f 76 80 14 to c.

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1881-2024