Consumer prices rose modestly in January, propelled by higher energy costs, but economists said they remain more concerned about the threat of price declines throughout the economy. That’s because even with last month’s increase in consumer prices, inflation has been flat over the past year, the lowest reading in more than a half-century. The Labor Department said Friday that consumer prices rose by 0.3 percent last month, which was the first increase since prices were up 0.7 percent in July. Prices were flat in August and September, and then posted huge declines in the fourth quarter of last year. The November plunge of 1.7 percent was the largest on government records going back 61 years.
@Headline briefly item 16 light:GM stock falls to 74-year low
General Motors Corp. shares on Friday tumbled to their lowest level in more than 70 years, pulled down by a drop in the broader markets and continued speculation about the future of the struggling automaker. GM shares hit a low of $1.52 in early afternoon trading, before rebounding somewhat to close down 23 cents, or 11.5 percent, at $1.77. The low matched a record set on July 26, 1934, according to the Center for Research in Security Prices at the University of Chicago. The price is adjusted for splits and other changes. The Detroit-based automaker’s shares have been battered over the past year by worries about the viability of the U.S. auto industry and plunging sales stemming from the industrywide drop in demand for new vehicles. GM shares were worth $3.50 just a month ago and $25.54 a year ago.
@Headline briefly item 16 light:Moses Lake says goodbye to JAL
About 150 people waved white handkerchiefs at the goodbye ceremony for the last JAL training flight returning to Japan from Moses Lake. The farewell Thursday marks the end of a 40-year relationship with the airline that chose to train its Boeing 747 pilots at the Grant County International Airport in Eastern Washington, 180 miles from Seattle. JAL Capt. Kazua Noda thanked everyone for their friendship and support over the years. The Columbia Basin Herald reports the regular Japanese visitors led to educational and cultural exchanges.
@Headline briefly item 16 light:Penney’s profits drop 51 percent
J.C. Penney Co. reported a 51 percent drop in fourth-quarter profit Friday as customers sharply cut spending on clothing and other items. The results beat Wall Street expectations, but the chain projected a wider first-quarter loss than analysts had predicted. The retailer earned $211 million, or 95 cents per share, for the three months ended Jan. 31. That compares with $430 million, or $1.93 per share, a year earlier. Sales dropped almost 10 percent to $5.76 billion from $6.39 billion. Same-store sales, or sales at stores open at least a year, fell 10.8 percent.
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