Consumers dividend

Consumers dividend

MINERVA

Consumers Bancorp Inc., the holding company for Consumers National Bank, has declared a quarterly dividend of 11 cents per share on the outstanding shares of the corporation’s common stock.

The dividend is payable Dec. 12 to stockholders of record at the close of business Nov. 28. The second-quarter dividend for fiscal year 2012 reflects an increase of 1 cent compared with the per-share amount paid during the same period last year.

Slow improvement in the job market

WASHINGTON

Little by very little, the job market is getting better.

A closely watched measure of the jobs crisis, the number of people filing for unemployment benefits for the first time each week, fell to 388,000 in a report released Thursday, its lowest point since April.

The four-week average, which economists check because it smooths out the week-to-week fluctuations in the job market, dropped below 400,000 for the first time in seven months.

Claims would have to be below 375,000 — and consistently — to signal the sustained job gains that the United States needs to lower its 9 percent unemployment rate. But economists were at least encouraged by the trend.

“The level isn’t as important as the change,” said Michael Gapen, senior U.S. economist at Barclays Capital. “And right now, that’s suggesting moderate improvement.”

Construction of apartments surges

WASHINGTON

Builders have found a way to make money in a decrepit home market: apartments.

The number of permits to build apartments jumped to a three-year high last month. In 12 months, they’ve surged 63 percent.

Blame the housing bust, which left many people without the means, the credit or the stomach to buy. More people need apartments. The demand has driven up monthly rents. And builders are rushing to cash in.

That said, the overall home market remains depressed. Builders still are struggling. They broke ground on a seasonally adjusted annual rate of 628,000 homes last month, the government said Thursday. That’s barely half the pace that economists equate with a healthy market.

Oil price drops

NEW YORK

Oil prices tumbled nearly 4 percent Thursday, dropping below $99 a barrel on growing fears about the future of the European Union and the global economy.

The 17-nation currency bloc has struggled to deal with massive government debts across Europe that could lead to widespread bank failures. As nations slash spending to get their budgets under control, energy demand in the region is expected to plunge.

Benchmark crude fell $3.77, or 3.7 percent, to end the day at $98.82 a barrel in New York. Thursday’s drop was a sharp turnaround from Wednesday, when oil crossed the $100 mark for the first time since July.

From staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 21.75 —0.26

Avalon Holdings,2.57 —0.01

Clear Channel, .65 55.98 —0.77

Cortland Bancorp, 7.40.00

Farmers Nat.4.50 .00

First Energy, 2.20, 44.78—0.73

FirstMerit Corp., .64,14.15 0.20

First Niles Financial, .32,7.20.00

First Place Fin., 0.37—0.09

FNB Corp., .48,10.52—0.18

General Motors,22.63—0.72

General Electric, .60,15.96—0.24

Motors Liquidation, 0.0422.00

Huntington Bank, .16, 5.17—0.04

JP Morgan Chase, 1.00,31.49—1.21

Key Corp, .12,7.24—0.06

LaFarge, 8.69 —0.30

Macy’s, .40, 30.71—0.23

Parker Hannifin, 1.48, 83.19—2.14

PNC, 1.40,542.86 —0.75

RTI Intl. Metals,26.51—0.99

Simon Prop. Grp.,3.20,123.89—2.39

Stoneridge 7.50 —0.23

United Community Fin. 1.02—0.02

Selected prices at 4 p.m. Wednesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.