Siemens to build plant in Mauldin
Siemens Industry Inc., a mechanical and electrical drive equipment maker, said Thursday it would open a plant in Greenville County. The new geared motor facility will put products closer to machine builders and manufacturers in the Southeastern United States, company officials said in a release. None of the releases Thursday detailed the number of jobs that would be created, the amount of the investment or a timeline for the plant opening. The 45,600-square-foot plant will be located in Mauldin and will be part of the company’s Drives Technologies Division, Mechanical Drives Business Unit.
Jobless benefits applications increase
WASHINGTON Weekly applications for U.S. unemployment benefits jumped 46,000 last week to a seasonally adjusted 388,000, the highest in four months. The increase represents a rebound from the previous week’s sharp drop. Both swings were largely due to technical factors. The four-week average of applications, a less volatile measure, fell slightly to 365,500, the Labor Department said Thursday. That is a level consistent with modest hiring. Last week, California reported a large drop in applications, pushing down the overall figure to the lowest since February 2008. This week, it reported a significant increase as it processed applications delayed from the previous week. A department spokesman said the seasonally adjusted numbers “are being distorted … by an issue of timing.” Applications are a proxy for layoffs. When they decline, it suggests hiring is improving. Some recent reports suggest the economy is picking up. Retail sales grew in September at a healthy clip. And builders started construction on new homes and apartments last month at the fastest pace in more than four years. Still, the economy is not growing fast enough to generate much hiring. Growth slowed to a tepid annual rate of 1.3 percent in the April-June quarter, down from 2 percent in the previous quarter.
30-year fixed mortgage rate drops again
WASHINGTON The average U.S. rate on a 30-year fixed mortgage has fallen to near its record low set earlier this month. The rate on the most popular mortgage dipped to 3.37 percent from 3.39 last week, mortgage buyer Freddie Mac said Thursday. Two weeks ago, the rate reached 3.36 percent, its lowest level on records dating to 1971. The average rate on the 15-year fixed mortgage, often used for refinancing, set a record low of 2.66 percent, down from last week’s 2.7 percent.
GM hiring 3,000 H-P employees
DETROIT General Motors will hire 3,000 workers from Hewlett-Packard as the carmaker moves more computer functions in-house. The move is part of a larger GM strategy to have more control over the technology it uses in cars and to run its business. The H-P employees already work on GM projects. GM says that making them full-time employees will hold costs steady and speed up the transformation of the company’s computer-related work.
The Associated Press contributed.