BUSINESS DIGEST || First Niles report

First Niles report

NILES

First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, on Friday reported declining net income for the fourth quarter and the full year 2013.

On the year, the company recorded a loss of $284,000, compared with a net income of $241,000 in 2012. Fourth-quarter net income fell to $23,000, compared with $24,000 during the same period the year before.

The company said total assets and loans were down on the year, while total investment securities increased by $2.2 million.

Pro-shale rally set

HARRISBURG, pa.

The Marcellus Shale Coalition announced a rally of Pennsylvania shale advocates, slated for May 6 here.

The event aims to bring together a broad coalition that supports the shale industry for its economic and energy benefits in the state.

For information, contact the Marcellus Shale Coalition by phone at 412-706-5160 or online at www.marcelluscoalition.orn.

Factory output drops

WASHINGTON

Harsh winter weather led to a steep drop in U.S. factory output in January. Manufacturers made fewer cars and trucks, appliances, furniture and carpeting, as the recent cold spell ended five-straight months of increased production.

The Federal Reserve said factory production plunged 0.8 percent in January, reversing gains of 0.3 percent in both December and November. Automakers lost days of production because of snowstorms, as their production plummeted 5.1 percent, the report said.

Factory output rose a modest 1.3 percent over the past 12 months.

Small gain for oil

The price of oil stayed just above $100 a barrel Friday and finished the week with a small gain.

Benchmark U.S. crude for March delivery fell 5 cents to close at $100.30 a barrel on the New York Mercantile Exchange. For the week, oil gained 42 cents.

At the gas pump in the U.S., the nationwide average price rose for a seventh- straight day and now is at $3.34 a gallon.

Vindicator staff/wire reports