Fewer Americans applied for unemployment benefits last week and builders broke ground on more homes in May. The latest data offered some hope that the economy may be improving after hitting a slump in late spring. Unemployment benefit applications fell to a seasonally adjusted 414,000, the Labor Dep
artment said. It was the second drop in three weeks and a positive sign that layoffs are slowing. Still, applications have been above 400,000 for 10 straight weeks, evidence that the job market is weak compared to earlier this year.
Northwest logs going to China and Japan
Northwest forests are providing a boost to the building boom in China and will likely help with the rebuilding of post-tsunami Japan. The region’s loggers and longshoremen can say thanks, in part, to the Russians. About a mile from the state Capitol as the gull flies or the salmon swims, logs cut in southwest Washington and the Olympic Peninsula are gathered in stacks two to three stories high. After being bark-stripped and graded, they wait for cargo freighters such as the Louise Bulker to tie up at the Port of Olympia. The Louise Bulker arrived empty early last week. When it left four days later for Tianshin, China, longshoremen and stevedores had filled its holds and stacked the deck 15 to 20 logs high with some 5.5?million board feet of timber.
Chrysler recalls 11,350 cars, vans
Chrysler Group LLC is recalling 11,351 cars, minivans and other models because a manufacturing problem can cause the steering wheel to collapse improperly in a collision. Chrysler told the National Highway Traffic Safety Administration that it doesn’t know of any crashes or injuries caused by the problem. The recall affects 11 of the 20 models Chrysler has on sale for the 2011 model year. NHTSA said on its website Thursday that a missing or incorrectly installed rivet could cause the problem, increasing the risk of injury in a crash. Recalled vehicles include the Chrysler 200 midsize sedan and convertible and Town and Country minivan; the Dodge Avenger midsize sedan, Caliber compact car, Caravan minivan, Journey crossover vehicle and Nitro SUV; and the Jeep Compass wagon and Patriot, Liberty and Wrangler SUVs.
Pandora stock drops on Day 2
Buyer’s remorse already may be setting in for some investors in Internet radio station Pandora Media Inc. After intense demand drove up the price for Pandora’s initial public offering of stock, the shares lost nearly a quarter of their value their second day of trading. Thursday’s harsh reversal of fortune left Pandora’s stock below its IPO price of $16. The shares fell $4.16, or 24 percent, to close at $13.26. The downturn indicates the earlier euphoria about Pandora Media may have been misguided. The excitement enabled Pandora Media’s IPO to sell for twice as much as an $8 target price set two weeks ago.
From Herald news services
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