Avalon reopening

Avalon reopening

YOUNGSTOWN

Avalon Downtown, 17 W. Federal St., will reopen at 11 a.m. today, according to the business’s Facebook page. The business closed in February. Visit avalondowntown.com to view the pizza shop’s new menu.

Dearing Compressor announces layoffs

BOARDMAN

Dearing Compressor and Pump Co., located at 3974 Simon Road, “is recalibrating the business and rightsizing the company to meet the current market,” by laying off less than 8 percent of its workforce.

Dearing noted, “The workers affected are well-trained, highly organized and have achieved remarkable results for our customers; and they will be an asset to the workforce in our community.”

For more than 70 years, Dearing has served industrial and energy customers with dependable equipment and systems for compressed air, gas, process gas and hydraulic applications.

More Americans seek jobless aid

WASHINGTON

More people sought U.S. unemployment aid last week, but applications are still at a low level consistent with steady job growth.

The Labor Department says weekly applications for unemployment benefits rose 6,000 to a seasonally adjusted 265,000. The four-week average, a less volatile figure, increased just 250 to 259,750.

Applications are a proxy for layoffs, so the data indicates that businesses are holding tightly onto their staffs, despite overseas economic turmoil and modest growth in the U.S. Applications have been below 300,000, a historically low level, for 55 straight weeks, the longest stretch since 1973.

When businesses are cutting few workers, they are more likely to step up hiring. Employers added a healthy 242,000 jobs last month, while the unemployment rate remained at 4.9 percent.

Average US rate on 30-year mortgage falls to 3.71 percent

WASHINGTON

Average long-term U.S. mortgage rates declined this week after three straight weeks of increases. The decline could be a spur to prospective buyers as the spring home buying season gets started.

Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year, fixed-rate mortgage slipped to 3.71 percent from 3.73 percent last week. The benchmark rate is above the 3.69 percent level it marked a year ago.

The average rate on 15-year fixed-rate mortgages eased to 2.96 percent from 2.99 percent last week.

After the Federal Reserve’s decision last week to keep a key interest rate unchanged in light of global economic pressures, prices of U.S. government bonds have risen sharply. That has pushed down the yields on the bonds, which mortgage rates follow.

The yield on the 10-year Treasury bond stood at 1.87 percent Wednesday, down from 1.91 percent a week earlier. The yield declined further to 1.85 percent Thursday morning.

Staff/wire reports