Published: Thursday, May 19, 2011
Business Briefs: Post-recession grads earn 10% less money
College students who graduated in 2009 and 2010 earned 10 percent less than those who entered the job market before the financial crisis, according to a report released Wednesday. Those graduating before the recession earned a median salary of $30,000, while those graduating after earned a median salary of $27,000, according to the report released by the John Heldrich Center for Workforce Development at Rutgers University. The report paints a grim picture for the about 1.7 million students who are graduating this spring with a bachelor's degree. The graduates will face an unemployment rate hovering around 9 percent and an economy struggling to recover more than 8.8 million private sector jobs lost during the recession
Allstate's Esurance buy to cost $1 billion
Allstate Corp., which has been trying to grow its insurance sales online, would see its business in that distribution channel more than double when it completes its newly announced, $1 billion acquisition of Esurance. But it would remain a distant sixth to direct auto-insurance champion Geico, which has 38 percent market share in sales of auto policies online and over the phone.
State jobless rate drops to 9.1 in April
The state's jobless rate dipped slightly in April as Washington added an estimated 5,800 jobs last month. Unemployment dropped from 9.2 percent in March to 9.1 percent in April, according to the Employment Security Department. Snohomish County's unemployment rate will be announced next week. Since April 2010, Washington has added an estimated 41,500 jobs, officials said. "We're beginning to see job growth pick up some real momentum," Employment Security Commissioner Paul Trause said in a prepared statement.
LinkedIn valued at over $4 billion
LinkedIn has priced its IPO at $45 per share -- the top of its range -- in a deal that values the networking website at over $4 billion. That's the highest market value for a U.S. Internet company taking its first bow on Wall Street since Google Inc. went public nearly seven years ago. LinkedIn Corp.'s shares will make their market debut this morning. Most analysts believe the shares are likely to rise further today, even though LinkedIn's IPO already priced 30 percent to 40 percent higher than its initial target of $32 to $35 per share.
GM to expand production of Volt
General Motors will reconfigure the plant that makes the Chevrolet Volt to expand production to up to 60,000 electric cars a year. The Detroit-area factory, which will be shut next month, now can produce about 16,000 a year. GM said the electric car will be in short supply for the next three months because of the four-week shutdown that begins in June.
From Herald staff and news services
Allstate's Esurance buy to cost $1 billion
Allstate Corp., which has been trying to grow its insurance sales online, would see its business in that distribution channel more than double when it completes its newly announced, $1 billion acquisition of Esurance. But it would remain a distant sixth to direct auto-insurance champion Geico, which has 38 percent market share in sales of auto policies online and over the phone.
State jobless rate drops to 9.1 in April
The state's jobless rate dipped slightly in April as Washington added an estimated 5,800 jobs last month. Unemployment dropped from 9.2 percent in March to 9.1 percent in April, according to the Employment Security Department. Snohomish County's unemployment rate will be announced next week. Since April 2010, Washington has added an estimated 41,500 jobs, officials said. "We're beginning to see job growth pick up some real momentum," Employment Security Commissioner Paul Trause said in a prepared statement.
LinkedIn valued at over $4 billion
LinkedIn has priced its IPO at $45 per share -- the top of its range -- in a deal that values the networking website at over $4 billion. That's the highest market value for a U.S. Internet company taking its first bow on Wall Street since Google Inc. went public nearly seven years ago. LinkedIn Corp.'s shares will make their market debut this morning. Most analysts believe the shares are likely to rise further today, even though LinkedIn's IPO already priced 30 percent to 40 percent higher than its initial target of $32 to $35 per share.
GM to expand production of Volt
General Motors will reconfigure the plant that makes the Chevrolet Volt to expand production to up to 60,000 electric cars a year. The Detroit-area factory, which will be shut next month, now can produce about 16,000 a year. GM said the electric car will be in short supply for the next three months because of the four-week shutdown that begins in June.
From Herald staff and news services
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