Kentucky jobless rate falls to 8.4% in September
FRANKFORT, Ky. -- Kentucky is reporting a slight decline in its jobless rate in September despite a major loss of manufacturing jobs.
The Office of Employment and Training released new unemployment figures on Thursday showing the jobless rate at 8.4 percent. That's down from 8.5 percent in August.
The biggest employment gains were in the state's trade, transportation and utilities sector, which added 7,500 jobs in September. The leisure and hospitality sector grew by 1,800 jobs. And the government sector workforce expanded by 700 jobs. The number of construction jobs increased by 600 for the month.
The manufacturing sector loss 2,000 jobs in September. Labor market analyst Manoj Shanker said that's largely due to the outsourcing of some factory jobs, including clerical and custodial services, to temporary workers.
Fifth Third 3Q net income falls on charges
CINCINNATI -- Fifth Third Bancorp reported Thursday that its third-quarter net income fell because of one-time expenses related to debt repayment and accounting issues.
Still, the Cincinnati-based bank reported improving lending business trends, and beat analysts' expectations for revenue while missing earnings projections by only a penny.
Fifth Third's net income available to common shareholders fell to $354 million, or 38 cents per share, from $373 million, or 40 cents per share, a year earlier.
Supervalu sees 2Q loss, in active talks on options
NEW YORK -- Grocery store operator Supervalu lost money in its latest quarter, but the struggling company said it is in active discussions with several parties over a possible deal.
Supervalu fired its CEO in July, replacing him with Chairman Wayne Sales to lead its turnaround effort. It has closed stores, suspended its dividend, and has been looking for other ways to cut costs. The company has been reviewing options with financial advisers, a process that typically includes the possibility of selling the company.
Supervalu said Thursday that it is still reviewing its strategic options, it has received a number of indications of interest and is talking with several parties.
The Minneapolis company, whose chains include Albertsons, Cub Foods, Jewel-Osco and Save-A-Lot chains, isn't the only grocer to have struggled since the recession.
Retooling to idle Corvette production for 6 months
LOUISVILLE, Ky. -- General Motors plans to idle Corvette production in Kentucky for six months to prepare for the next generation of the iconic car.
The automaker is preparing to retool its assembly plant in Bowling Green for the 2014 model.
GM spokesman Monte Doran said Thursday that production will halt in February to make way for retooling, renovating the body shop and retraining employees. He says production on the next model will begin in the third quarter of 2013.
The plant employs about 700. Plant manager Dave Tatman says some temporary layoffs will occur, but work stoppages will amount to days and not months.
GM last year announced a $131 million investment in the plant, along with plans to add about 250 jobs.
About 150 of those jobs have been added this year.