Louisville air filter company moves to Jeffersonville
Stocks tried to recover from sharp losses in early trading.
A rise in oil prices, a jump in unemployment claims, and disappointing sales numbers are to blame.
It's a big win for Jeffersonville. A Louisville company that makes air filters is opening a new factory across the river.
Clarcor Air Filtration products is consolidating its Louisville and New Albany operations into one. The company makes air filters for trucks and trains.
It's investing more than $8 million in a building that amounts to 42 acres under one roof. By 2010, it hopes to have 450 jobs there. 200 workers will be able to keep their jobs at the new facility.
Tom Galligan, Jeffersonville mayor, says, "The mayor gave up some jobs. Mayor Abramson gave up some jobs. We got them, but the people get to stay in their own houses and just travel a little farther to come to work. And it's win-win for the area, not just for Jeffersonville, but for the whole area."
Norn Johnson, the company CEO, said Thursday, "Ain't nobody in our company at any of these factories that work harder than the people that work for us."
Indiana Governor Mitch Daniels was at Thursday morning's announcement. The state is offering up to $3.5 million in tax credits and $200,000 for training. Construction is set to be finished by early next year.
Republic Bank will continue to sponsor the Pegasus Parade for at least another three years. The bank started sponsoring the Derby Festival's oldest event in 2002.
The bank has signed a three-year commitment with the festival as the title sponsor. The Pegasus parade has been marching down Broadway every Derby season since 1956.
Bad news on the job market - more people are out of work and looking for help.
The number of newly laid-off people signing up for jobless benefits last week climbed to its highest point in more than six years.
More companies are cutting back, given the faltering economy. The Labor Department says new applications filed for unemployment insurance rose to 455,000 last week.
A government analyst says a program to locate people eligible for jobless benefits played a role in the increase.
It looks like back-to-school shopping won't help some of the nation's retailers.
Retail sales from July are mixed. Discount stores like Wal-Mart showed strong gains. But mall-based apparel stores were more sluggish.
One analyst expects a very promotional challenging back-to-school season as Americans watch what they spend.
Consumers are shifting their spending to necessities and away from nonessentials like apparel.
Toyota says profits fell 28% in the first quarter, but there is good news. It wasn't as bad an analyst had forecast.
Toyota blames the drop mainly on decreasing demand in the U.S., and high gas prices.