Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.banks From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: banks Mon, May 11 1992 Date: Mon, 11 May 92 05:22:18 EDT Message-ID: 05-11 0000 DECISIONLINE: Banking & Economy USA TODAY Update May 11, 1992 Source: USA TODAY:Gannett National Information Network RATE EXPECTED TO FALL FURTHER: Experts say the nation's unemployment rate, which fell to 7.2% in April, will continue down a little further this year because of growth in service-sector jobs. The Labor Department said businesses added 126,000 jobs to payrolls last month, the biggest jump since May '91 and the third increase in a row. Since January, businesses have added 271,000 jobs. SERVICES ADD JOBS: The services side of the economy added most of the 126,000 new jobs that were created last month, the Labor Department reported Friday. Retailers added 46,000 jobs. The health-care industry increased employment 30,000. Business services such as cleaning companies added 21,000 jobs. Manufacturing employment grew by just 8,000 jobs. The construction industry shed 11,000 jobs. DOW ALONE IN GAINS: The rise in the Dow Jones Industrial Average of 200 points this year does not mean that stock mutual fund investors will be seeing big gains this quarer. Reason: Most other stock indexes have been flat or down this year. The Standard & Poor's 500-stock index is flat. The NASDAQ over-the-counter index of small-company stocks is flat for the year - and down 9% from its Feb. 12 record of 644. STOCKS END WEEK HIGHER: The stock market inched up Friday in tandem with Treasury bond prices, which rallied despite a strong report on April employment. The Dow Jones Industrail Average rose 6.04 points to 3369.41, ending the week with a 33.32-point gain. Advancers edged out decliners on the New York Stock Exchange on volume of 168.68 million shares. CEO PAY DETAILED: According to Forbes' May 25 issue, on newsstands Monday, 407 of 800 chief executives surveyed made more than $1 million last year, vs. 386 in 1990. Total compensation of the 800 CEOs at the USA's biggest public companies topped $1.4 billion last year. That includes salary, bonus and gains from stock options or stock awards. SEC TO PROPOSE DISCLOSURE RULES: The Securities and Exchange Commission plans to propose new rules next month to make it easier for stockholders to understand how much corporate executives are being paid, SEC Chairman Richard Breeden says. Breeden says the SEC is not going to regulate compensation, but he says his agency can help by making sure compensation information isn't buried in legalese. JUDGE DENIES REQUEST: Washington, D.C., District Court Judge Royce Lamberth Friday denied a request to temporarily block the implementation of a regulation by the Office of Thrift Supervision allowing federally insured thrifts to open branches across state lines. An injunction was sought by the Conference of State Bank Supervisors and the Independent Bankers Association of America. RULES TO TAKE EFFECT: An Office of Thrift Supervision rule allowing federally insured thrifts to open branches nationwide will take effect May 11 following a judge's refusal to block implementation. The injunction request was part of a suit filed in an effort to overturn the rule. Judge Royce Lamberth's decision means that the OTS can implement the regulation while arguments on the overall lawsuit continue. BOEING WORKERS CUT: Boeing laid off 833 workers Friday as part of its plan to cut 6,500 jobs this year. Friday's layoffs were the largest this year at Boeing, bringing the number of jobs cut to 2,600. Of that, 1,154 have been layoffs; the rest were cut through attrition and retirement. Boeing cited the recession, reduced military spending and a poor year for the airline industry for the cutbacks. MORTGAGE RATES DOWN: Fixed mortgage rates fell slightly last week to the lowest level since mid-February, the Federal Home Loan Mortgage Corp. says. Thirty-year fixed rates averaged 8.75%, down from 8.84% a week earlier. One-year adjustable-rate mortgages averaged 6.02%, vs. 6.10% a week earlier. OIL UP FOR WEEK: Light sweet crude oil for delivery in June settled at $20.86 a barrel, up 15 cents, at the New York Mercantile Exchange Friday. Oil rose 1 cent for the week. Home heating oil for delivery in June settled at 57.67 cents a gallon, up .26 cent for the day and .97 cent for the week. DOW JONES OPENS ON UPSWING: The Dow Jones average of 30 industrials opens Monday at 3369.41 after closing up 6.04 points Friday. The New York Stock Exchange composite opens at 229.20, up 0.12. The American Stock Exchange market value opens at 394.12, unchanged. The NASDAQ OTC composite opens at 585.76, down 1.40. 24-HOUR TELEPHONE INFORMATION: USA TODAY Money Hot Line. 95 cents a minute. 1-900-555-5555. Banking & Economy Editor: Jason P. Smith. (919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM