European Stars and Stripes (Newspaper) - December 07, 1991, Darmstadt, Hesse                                Saturday december 7, 1991 the stars and stripes c Page 17 \ v Money matters today s tip demand for labor continued to slide in october according to a tally of help wanted advertising released thursday. The conference Board a business research group said its help wanted Index skidded 4 Points to 88, bringing the barometer 28 Points below its level of october 1990. The decline was expected As the nationwide unemployment rate Rose to 6.8 percent in october from 6.7 percent in september. The conference Board compiles the Index which has a 1967 base of 100, by measuring the amount of help wanted advertising in 51 major newspapers across the country. It is considered extremely sensitive to changes in demand for labor. Conversion rates London up fridays rates for the . Dollar to other currencies. Figures Are expressed in dollars to the British Pound other local currencies in dollars Gold was quoted at $367.75 an ounce Silver at $4.08. Dec. 5 dec. 6 British sound.1.7930 1.8100 Gentian mark.1.5915 1.5730 French franc.5.4545 5.4265 dutch guilder.1 7b95 1.7700 belgian franc.32.89 32.42 italian lira.1.206.70 1,201.25 Swiss franc.��.1.4150 1.3882 greek drachma.182.00 181.15 turkish lira.5,033.70 5,026.90 saudi arabian rtyal.3.7493 3.7493 Spanish peseta.102.11 101.52 portuguese escudo.141.15 140.63 Canadian dollar.,.1.1357 1.1378 austrian schilling.11.2260 11.1590 norwegian krone.6.2880 it 6.2480 danish krone.6.2025 6.1710 these Are commercial rates and can be related Only to the use of foreign currency by . Forces for official business. The Only official rate concerns the Sale of German Marks to . Personnel for personal use and this will be 1.55 through monday based on fridays noontime Price fixing. New York Exchange new York up the 15 most Active stocks in new York Stock Exchange composite trading on thursday. Stock Rwjr Nabisco hid Boeing co Upjohn co Glaxo holdings at amp to company Westwig Housel. Ism corp Wal Mart stores genl electric Consol stores ban America general motors Citicorp Amer express co Rwjr Nabisco pop a a in 4.739.500 2,848,200 2,386,000 2,022,700 1.958.500 1.905.600 1,892,800 1.873.600 1.042.900 1,752.400 1,569,300 1.399.900 1.370.100 1.362.100 1.250.600 lad 10% 42% 38% 29% 37 15 90% 50% 62% 10% 31% 29% 10% 18% 11% Nelcha. Up up o�1% up up of up up Otic off % 0ff1% off off up up american Exchange new York Jpn the 10 most Active stocks in american Stock Exchange composite trading thursday. Stock Enzo Bochem Plains resource Hilt Haven corp Wang labs inc b Echo Bay mines Energy service us Blo science Bergen Brunswig Amdahl com comm tron corp sales 1,496,300 1.233,100 986.300 515,600 436,900 381.600 355.200 294.300 287.200 257.600 lost 6% 14% 2% 2% 7% 1% 74 16% 12% 5% Nelcha. Up Oft 5% up 0�% unch unch off 4% off % up unch Dow Jones new York up a Dow Jones dosing Range of avenges thursday High Low Clou 30 industrials 292375 2874.78 2889,09 20 transport 1222.91 1195.81 1203.85 15 flames 220.21 218.01 21877 65 stocks 1068.43 1050.01 1055.50 change off 22.58 off 15.51 off 0.93 off 9.19 More workers get Pink slips during this season of giving by Bart Ziegler the associated press new York a some experts contend the Economy is gradually pulling out of its slump but done to try telling that to the hundreds of thousands of people who lost their jobs recently. Layoffs and other Job cutbacks have become commonplace in the past few weeks. Economists say the news compounds fears that the important Christmas shopping season will be a bust. Among recent announcements International business machines corp. Said it will Cut 20,000 positions next year through voluntary Means on top of a like number this year. Tenn eco inc. Said it will Send Pink slips to 4,000 workers. Mcdonnell Douglas corp. Began laying off 2,200 workers. And on wednesday pan american world airways shut Down throwing 7,500 people out of work. An economic report released thursday confirmed the growing employment problem. The government said the number of americans filing initial unemployment claims shot up 57,000 in the third week of november far More than expected. John Lonski an economist at Moody a investors service inc., believes the Pace of Layoff announcements has picked up recently. That belief is borne out by the Rise in unemployment claims the past few months. Lonski said Many of the layoffs Are tied to disappointing corporate earnings. Earnings peaked in 1988, he said. Since then profits reported by 500 of the largest . Companies have steadily declined. Companies see axing employees As a Quick Way to reduce expenses which boosts profits. But companies also May be using the recession As a a a cover to get rid of employees who Are either unproductive or highly paid Lonski added. Once the Economy picks up younger lower paid workers can be hired As replacements if needed. A a it san Ideal time to Cut costs and put they have to bite the Bullet they can t wait for the recovery to come around a economist Bruce Steinberg the blame on the Overall Economy a Lonski said. Corporations have another incentive to Cut Back now. Typically they reduce their profits temporarily to cover Severance payments and other costs associated with layoffs. Companies Are More willing to take these charges when profits Are Down throughout the Economy Lonski said since they will not be As noticeable As they would be during a time of economic growth. In addition Many companies apparently decided in recent weeks they need More cutbacks to survive the recession which has lingered longer than Many cd Gerts predicted said economist Bruch Teinberg of Merrill Lynch amp co. Quot they have to bite the Bullet a Steinberg said a they can to wait for the recovery to come  Steinberg said the layoffs during this recession May be different from those of recessions past. In past downturns a most people who lost their jobs had expectations of being rehired by the same  this time around a that Job is gone  at least one big company though discovered it was cutting too deeply. So Many workers took advantage of Eastman Kodak co s lucrative Early retirement incentive that the photography company said this week it would have to hire new employees to fill the gaps. Kodak a buyout plan designed to attract 3,000 Early retirees Drew roughly double that amount. One of the most damaging effects of big Job reductions is their Impact on consumer Confidence economists believe. That is a major concern because consumer spending accounts for about two thirds of economic activity and some experts look to Consumers to spend the Economy out of its slump. A i think Christmas spending is going to be very very disappointing a Steinberg said. A Consumers Are just too worried about what a going on around them. They re too insecure in their own Job  sales figures better than expected from cautious Holiday shoppers by Joyce m. Rosenberg the associated press while the nations major retailers reported varying sales results for november they shared a common problem consumer caution. The sales figures announced thursday underscored concerns about the Holiday shopping season that kicked off last month although the numbers were not As disappointing As some retailers had feared. A most stores had fair increases a said Edward Johnson a retail Industry analyst with Lynch Jones amp Ryan. He noted the strongest gains were recorded by retailers who marked prices Down heavily and by discount stores factory outlets and off Price stores. Terence Mcevoy an analyst with Jan Ney Montgomery Scott inc., called the november figures a better than the bears expected but nothing to write Home  several retailers reported business was brisk Over the thanksgiving weekend a the traditional Start to the Christmas season. Bargain Hunting Consumers responded to special sales and markdowns but retailers also described customers As very cautious and conservative. Struggling Sears Roebuck and co. Reported its business improved As customers were drawn into stores by its Christmas marketing Campaign. But at Dayton Hudson corp., sales were consistent with the fall season to Date a said president Stephen Watson referring to the Industry a Overall sluggish trend. The nations largest retailer Wal Mart stores inc., continued to outperform other merchants. Mcevoy said sales Over thanksgiving appeared to be Good although they were weak when compared with the results of stronger economic times. Retailers went into the Christmas season with lowered expectations after the weak Economy and worries about unemployment made Consumers reluctant to spend in recent months. A this years Holiday season is clearly More competitive a Watson said. Mcevoy predicted Industry wide Christmas sales would Rise Between 2 percent and 3 percent from last years depressed Levels. Such an increase would mean the retailers will break even with last year after adjusting for inflation which has been running at an annual rate of 2.7 percent this year. Mcevoy said sales have declined since the weekend a Normal drop off As Many Consumers do their shopping on the weekends. The last 10 Days Are expected to be the busiest of the season. The raw figures reported by the retailers Are somewhat misleading because of a shift in the Calendar. Thanksgiving occurred a week later this year than in 1990, meaning this years figures were skewed negatively by seven fewer Holiday shopping Days. Johnson said viewing november and december sales together would give the clearest picture of the season. Chrysler workers get Christmas Bonus by the new York times Detroit a Chrysler corp., financially the weakest of the big three said thursday that it would pay Holiday bonuses to 19,000 White Collar workers. The Bonus amounts to $600 for most workers meaning an outlay for Chrysler of almost $12 million. The decision comes less than a week after general motors corp., the nations largest automaker elected to forgo bonuses for its 107,000 salaried employees. Ford motor co. Said thursday that it had decided to forgo a Bonus which would have been paid in the Spring. F did not pay its Bonus last Spring either. Lee Sechler a Chrysler spokesman said a we decided to pay because of the Many sacrifices made by the salaried  Sechler said that Over the last few years Cost cutting measures had also been hard on workers. A was the staff gets smaller the workload does no to get any smaller Quot Schlei said. Chrysler a securities Are rated the lowest among the big three making it difficult to borrow Money or sell debt securities. But the automaker is hopeful that several new models set to make their debut in 1992 Ana an uptick in the Economy might bail it out