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Ohio's unemployment rate remains steady for July

Aug. 17, 2013 @ 12:00 AM

COLUMBUS, Ohio -- The state says Ohio's unemployment rate held steady in July at 7.2 percent, matching what it was a year ago and remaining slightly higher than earlier in 2013.

Ohio's seasonally adjusted unemployment rate has varied only slightly since the beginning of the year. It has hovered below the U.S. unemployment rate, which dropped slightly to 7.4 percent for July.

The Ohio Department of Job and Family Services says Ohio had 416,000 unemployed workers last month, up about 3,000 from June.

Nonfarm wage and salary employment increased 5,300, bringing good news a month after Ohio reported the second-largest job loss for any state in June.

The categories that added jobs in July include manufacturing, leisure and hospitality, and trade, transportation and utilities.

Penney and Ackman sign pact on share sales

NEW YORK -- J.C. Penney Co. and its largest shareholder, William Ackman, have made a deal that sets terms for allowing him to unload his stake in the company in an orderly manner.

The agreement, filed with the Securities and Exchange Commission Friday, comes days after Ackman resigned from Penney's board as part of a deal to resolve an unusually public battle between the activist investor and the struggling department store.

Ackman's Pershing Square Capital Management has 17.7 percent stake, or 39 million shares, in Penney.

Under the deal, Ackman can make up to four requests to the company to register the sale of his shares. Each request must be for at least 5 million shares and the deal terminates when he owns less than 5 percent of the company's stock.

Pershing Square is not legally able to start selling its stock until at least Tuesday, when Penney is scheduled to report its second-quarter results, because Ackman was privy to confidential financial information as a board member.

Credit union celebrates 60 years

HUNTINGTON -- Metro Community Federal Credit Union is celebrating its 60th anniversary Friday, Aug. 16, with a cookout from 11 a.m. to 2:30 p.m. in the parking lot at 215 18th St.

The event is an expression of appreciation to its members over the past 60 years and will also feature door prizes. The drawing will be at 5 p.m. Friday.

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