Maryland's jobless rate rose from 3.2 percent in May to 4 percent in June, driven by a flood of students and summer job-seekers into the state's work force, officials said. In Maryland's Washington suburbs the jobless rate rose from 2.4 percent in May to 3.1 percent in June.
Treasury yields fell to the lowest level since last November, as the quarterly refunding got underway. The average yield on three-year notes was 8.10 percent, down from 8.74 percent at the last auction on May 8.
Toyota could assume control of the New United Motor Manufacturing Inc. (NUMMI) plant in Fremont, Calif., when its joint venture with General Motors expires in 1996, turning it into a Toyota factory, said a NUMMI vice president at an automotive seminar.
Kay Jewelers's stock dropped 75 cents to $10.625 as the planned takeover by Britain's Ratners Group PLC hit a potential roadblock. Ratners needs the support of Kay bondholders to complete the deal, but received only $95,000 of the Alexandria-based jewelry chain's $150 million worth of junk bonds after a recent offer of 75 cents on the dollar.
Scott Worldwide, a unit of Scott Paper, will close its Alexandria plant by mid-October, because the facility was "not profitable due to outdated equipment and the small scale of operations," said Scott vice president Sharon L. Robbins. The plant makes polystyrene cups and employs 31 people