The Gazette from Cedar Rapids, Iowa • 18

MONEY 6B etc The Gazette, July 19. 2002 Markets DDB SMQ WGGMQ guWjSui SQ35I1 NASDAQ 1,356.95 DOW 8,404.49 The employment findings are darker than the Institutes last projection in February, which called for a .15 percent employment decline in 2002 and a 1.9 percent gain in 2003. Statewide income growth of 1.6 percent for 2002 is called for in the forecast, somewhat better than the 1.4 percent growth forecast in February. Ingram said the dip in income growth here has not been as severe as it has been in other states. GOLD $317.00 SILVER $4,990 Institute expects rise in personal income, drop in employment By Dave DeWltte The Gazette IOWA CITY- The Iowa Institute for Economic Research is projecting slow growth in state revenues during the fiscal year just beginning, followed by flat revenue growth in 2004 and 2005.

service-sector employment" The Institutes Iowa Economic Forecast also had disappointing news on the jobs front The Institute expects employment to decline by 5 percent in 2002 after felling .8 percent in 2001. It expects employment to rise by 1.4 percent in 2003, erasing those losses. Ingram said the change was due primarily to a revision in Bureau of Labor Statistics estimates of the number employed in Iowa last year. those years, state revenue has grown every year dating back past the 1991 recession, said Ingram, a University of Iowa professor of economics. Its kind of an open question now why state revenues are flat, said Ingram, noting that most states are seeing similar patterns.

Its probably a combination of a bunch Of things the tax cuts, the economy, and possibly the shift in the composition of the economy from manufacturing The institutes forecasting model picked up the zero revenue growth rate the state experienced in 2000 and the negative growth rate it experienced in 2002, and is generating an essentially nogrowth forecast over the next two fiscal years, according to Beth Ingram, director of the institute. State revenue showed almost no growth in fiscal year 2000-2001, and showed a 2.1 percent decline in the fiscal year ending June 30. Prior to Briefs Unemployment rates Ribbon hog In percent BREMER 2.3 2.1 BLACK HAWK BUCHAN 4.1 3.4 KOKUK Statewide June '02 3.6 May '02 3.6 4.5 3.7 Gazette graphic Source: Iowa Workforce Development Katrina Tumis, 15, of Hopklnton, steers a pig past Judge Tom Baas of Ames, an assistant professor of animal science at Iowa State University, during Thursdays judging of the heavyweight division of the Purchased Market Barrows class at the Great Jones County Fair In Montlcello. Diligent 4-Her wins 7 titles at Jones foir Jobless rates rise in E. Iowa By George C.

Ford The Gazette While Iowas 3.6 percent unemployment rate in June was unchanged from the previous month, the jobless rate rose in virtually every Eastern Iowa county. Linn Countys unemployment rate rose to 3.8 percent in June from 3.4 percent in May, according, to Iowa Workforce Development A total of 4,600 Linn County residents were unemployed last month, up from 4,000 in May. In Johnson County, the jobless rate increased 3 percent in June from 2.4 percent the previous month. The number of jobless in the county rose from 1,800 in May to 2,200 last month. Lee County at 8.1 percent recorded the highest unemployment rate in the state last month.

Montgomery County was next in line at 6 percent The statewide unemployment rate for May was revised upward to 3.6 percent from 3.5 percent Last year at this time, the jobless rate was 3.3 percent as the economic slide began to be felt after several years of tight employment conditions. Richard Running, director of Iowa Workforce Development said the labor market appeared to be stable in June, but there was little evidence of hiring. The brightest sign in the June numbers was the increase in the manufacturing workweek from 41.6 hours in May to 42.8 hours in June, said Running. A rise in the workweek often foreshadows an increase in hiring. A total of 59,000 Iowans were out of work last month, up slightly from 57,800 in May and 51,800 in June 2001.

Total employment was reported at 1,563,500 in June, which was slightly less than the record level of 1,565,000 recorded in May. Stocks fell again in late trading Wall Street tried but failed Thursday to extend a one-day rebound, succumbing instead to late-aftemoon selling on questions about AOL Time Warners accounting and pessimism about second-quarter earnings reports. The Dow closed down 132.99, or 1.6 percent, at 8,404.49, after rising as much as 79 points earlier in the day. The Dow has now fallen 975.01 in nine sessions. The Nasdaq composite index lost 40.30, or 2.4 percent, closing at 1,356.95.

Declining issues led advancers 2 to 1 on the New York Stock Exchange. Volume came to 1.72 billion shares. Outsource agreement links KGAN, KFXA Sinclair Broadcast Group Inc. and Second Generation of Iowa Ltd. said Thursday that they have entered into an outsourcing agreement Sinclair will retain Second Generations television station, KFXA-TV (FOX 28) in Cedar Rapids to provide certain nonprogramming related sales, operational and managerial services for Sinclairs station, KGAN-TV (CBS 2).

Joe Denk, KFXA-TVs current general manager, will oversee services provided to KGAN under the agreement. Sinclair will continue to program its station and produce its local news program. Sinclair and Second Generation expect to increase the cash flow of each station by improving operational efficiencies and achieving economies of scale. The firms will share in the combined broadcast cash flow of the stations. Senate OKs funds for Rockwell Collins units The Senate Appropriations Committee approved $25 million Thursday for a Rockwell Collins contract to produce special radios that would allow military and commercial airline pilots to speak to each other.

The inability of direct communications between commercial and military pilots was evident on Sept 11 after the terrorist airline hijacker attacks in New York and Washington. The Coralville plant of Rockwell Collins will develop the radios for F-15 pilots. Sen. Tom Harkin, D-Iowa, a member of the Appropriations Committee, worked to include the money in a supplemental spending bill still pending in Congress. Sen.

Chuck Grass-ley, R-Iowa, worked to secure approval of the project Mortgage interest rates edge down this week Freddie Mac, the mortgage company, reported that the average interest rate on 30-year fixed-rate mortgages fell to 6.49 percent this week, down from 6.54 percent the previous week. The average interest rate on 15-year mortgages dipped to 5.93 percent this week from 6 percent the week before. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 4.50 percent, down from 4.66 percent the previous week. Instant stock quotes ociTyuns For fast and comprehensive financial information, call and enter four-digit number. Cedar Rapids 363-7000 Iowa CHy 337-7000 AP stockquote hotline (NYSE, AMEX, NASDAQ) 1000 Local stockquotes 1200 doesnt have length of body, Momingstar has also learned to avoid side views and to keep the hog either walking toward fee judge or away from the judge.

The wages Momingstar earns while helping his grandfather form and profits from the sale of his hogs pay for his excursions into the show ring. I have to pay for it all. Last year I made a little, and this year my pigs made the auctioa Means theyll likely sell for more than market price, he said. Hed like to see Saturdays auctioa but hell be out of town at a wrestling camp and then competing in Fargo, N.D. His parents will videotape the event The fair continues through Sunday.

Admission costs $7. Contact Rural Affairs writer Marlene Lucas at (319) 3985862 or marlenelVowa.com champion heavyweight gilt. This 4-Her lives about 100 yards from the farm of his grandfather, Keith Morning star of Lisbon. He walks to the farm twice a day, morning and evening, and spends about two hours with the hogs each visit Every day can be something new. Every pig has their own attitude.

I like the challenge and competition to win, he said. In his years of showing, he has learned to keep the hog between himself and the judge when in the show ring. With a hog that Ryan Momingstar Wcwks at grandfather's farm near Lisbon By Marlene Lucas The Gazette ONTICELLO Nine years of showing hogs paid off Thursday for Ryan Momingstar, who took four hogs to the Swine Show at the Great Jones County Fair and went home with seven titles. He raised a litter for the show this week and is raising two litters for the Iowa State Fair. I bought my own sows and used my grandpas bore.

I was there for everything, said Momingstar, 15. Thursday morning in the 4-HFFA Swine Show, his hogs were named champion and reserve champion derby gilt, supreme derby champion, carcass derby barrow reserve champion, reserve heavyweight barrow, champion lightweight gilt and Sportswear firm plans store at Old Capitol Town Center UniversiTEES will offer Hawkeye garb UniversiTEES will occupy 3,150 square feet of retail space on the first floor of the mall: The company, however, has stocking personnel. Applicants The opening would be been advertising in recent days are directed to apply at the Old boost to the struggling mall, for full- and part-time cashiers, Capitol Town Center mall of- which has an occupancy a of sales persons, security and fice for more information. about 69 percent. The site was previously used by two separate stores, including Athletes Foot.

The space, located between Claires and TSpoons, is being converted into a single unit Work began this week. They sell stuff like T-shirts, sweat shirts and hats, Wright said. It being in Iowa City means an Iowa Hawkeye focus. A spokesman for Taylor Imprinted Sportswear could not be reached for comment regarding how many people the store will employ. By Frank Gluck The Gazette IOWA CITY Bloomington, sportswear company, UniversiTEES, plans to open up shop -at the Old Capitol Town Center next month.

The company, owned by Taylor Imprinted Sportswear signed a lease with the downtown mall last month, said Bill Wright, who negotiated the lease agreement for the malls court-appointed receiver. The shop should open by mid-August, Wright said. Why would you go anywhere else? Collins Community Credit Union's Ullomo GqpiGy LS3E1S EAST IOWA STOCKS Thursday lata quatas McLaodUSA Inc. (c) McLaodUSA p) Mustek 05600413 4 710.11 16 30 010 As lowas (b ol Ml 1, W02, utjMl farm bcros based moHul anlitnm) Easy access to credit line Low monthly payments Interest may be tax deductible (Consul! your tat otaor) Moore 1033-0 27 Nash Finch 27 6 -O 96 Pearson 10 05 0 32 Pan ford Corp. 17 60 -0 45 PepsiCo 40 30-2 06 Procter 4 Gambia 60 39 0 32 Qwest 2 74 0 35 24 77 -1 23 6 27012 23330.02 10 560 03 34 76-0 84 4 76 0 27 Rockwell Collins Saks Inc Sealed Ah Skvworks (319)393-9000 1-800-475-1150 Membership open to anyone living or working in, andausinesses heated in Benhn, Buchanan, Cedar, Delaware, Johnson, Jones, town Linn Counties.

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