Gas prices up 2 cents

Gas prices up 2 cents

YOUNGSTOWN

Northeast Ohio gas prices rose by 2 cents to $1.628 per gallon, according to AAA East Central’s Fuel Gauge report. The Youngstown average this week is $1.581.

The national average is $1.795.

Last week’s Northeast Ohio average price was $1.606, and the average price during the week of Feb. 2, 2015 was $2.045.

Ribbon-cutting set

BOARDMAN

The Youngstown/Warren Regional Chamber will host a ribbon-cutting ceremony at 11 a.m. today at Hot Head Burritos, 1393 Boardman-Canfield Road.

Hot Head Burritos allows diners to build their own burritos, bowls, quesadillas, nachos and tacos. This is the second Hot Head Burritos built in Boardman and the sixth in the area.

Hot Head Burritos is open from 11 a.m. to 10 p.m. Monday through Sunday.

Vallourec job cuts

Boulogne-Billancourt, France

Vallourec, parent company of the local steel-pipe plant, Vallourec Star in Youngstown, announced Monday that it plans to raise $1.08 billion in capital, suspend its dividend and cut more than 2,500 jobs. The company’s European capacity will be downsized by 50 percent.

The job losses include 2,150 positions in Europe and 500 in other countries, primarily in Brazil.

Locally, several workforce reductions have been made. Altogether, the workforce reduction here is about 170 workers.

Consumer spending flat; savings rate up

WASHINGTON

U.S. consumers kept their spending flat in December and instead boosted their savings rate to the highest level in three years.

Consumer spending was unchanged in December after rising 0.5 percent in November, the Commerce Department reported Monday. Incomes increased 0.3 percent, matching November’s gain.

Higher incomes and flat spending pushed the savings rate to 5.5 percent of after-tax income in December. That was the highest level since December 2012.

The latest numbers underscore how cautious consumers were in the final three months of the year. Weak spending gains dragged overall U.S. economic growth, which slowed to a meager 0.7 percent rate in the fourth quarter.

US construction spending rebounds

WASHINGTON

U.S. construction spending rebounded slightly in December, helping to push total spending for 2015 to the highest level in eight years.

Construction spending increased 0.1 percent in December after falling in October and November, the Commerce Department said Monday.

The December increase was driven by gains in home construction and spending on government projects. That offset declines in spending on private construction of shopping centers, office buildings and hotels.

For all of 2015, construction jumped 10.5 percent to $1.1 trillion, the highest total since 2007.

Staff/wire reports