Business

August 28, 2014

Business Notebook

The highest number of travelers in six years is expected on South Carolina roads this Labor Day weekend as the economy continues to recover and gas prices fall, according to AAA Carolinas travel club. More than 451,000 state residents will travel more than 50 miles from home, with 86 percent of them driving. That’s a 1.5 percent increase from last year’s holiday.

Local & State

Midlands

Holiday weekend travel expected to be brisk

The highest number of travelers in six years is expected on South Carolina roads this Labor Day weekend as the economy continues to recover and gas prices fall, according to AAA Carolinas travel club. More than 451,000 state residents will travel more than 50 miles from home, with 86 percent of them driving. That’s a 1.5 percent increase from last year’s holiday.

Gas prices in South Carolina – which averaged $3.14 per gallon Wednesday, the cheapest in the nation – have fallen 24 cents a gallon since July 4. The most expensive gas in the state was in Myrtle Beach on Wednesday at $3.15. Spartanburg had the least expensive at $3.09.

Gas prices are higher in neighboring states: $3.34 in North Carolina and $3.32 in Georgia on Wednesday. To estimate fuel costs for a trip, go to www.fuelcostcalculator.com.

Nation & World

Slow economic growth predicted

The Congressional Budget Office on Wednesday forecast that the U.S. economy will grow by just 1.5 percent in 2014, undermined by a poor performance during the first three months of the year. The new assessment was considerably more pessimistic than the Obama administration’s, which predicted last month that the economy would expand by 2.6 percent this year even though it contracted by an annual rate of 2.1 percent in the first quarter. The economy did grow by 0.9 percent during the first half of 2014. Looking ahead, the CBO said it expected the economy to grow by 3.4 percent over 2015 and 2016, and predicted that the unemployment rate would remain below 6 percent into the future.

GM to move Cadillac SUV production to Tennessee

The United Auto Workers union says General Motors will move production of the next-generation Cadillac SRX crossover SUV from Mexico to Spring Hill, Tenn. It was unclear how many new jobs the move would create. The Spring Hill factory complex now employs about 1,600 hourly workers.

The union also says in a statement Wednesday that GM will invest $191 million at the Spring Hill complex to build new small gasoline engines. That investment will keep 415 jobs at the site. In addition, the company will pump just under $50 million into its engine block casting plant in Bedford, Indiana, to build the new small engines. The union says that move will keep 43 jobs.

The Associated Press contributed.

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