Gina Daniels Blog

From July to 15 percent of the companied interviewed inthe Milwaukee-Waukesha-West Allis metro area plan to hire more while 12 percent expect to reduces their payrolls, according to the survey from Milwaukee-basefd (NYSE: MAN). Sixty-eight percent expect to maintain their current staff levels and 5 percentf remain uncertain abouthiring plans. The results show improvementf from the second quartedrof 2009, when more employers expected to reducw job levels than increasd jobs, said Manpower spokeswoman Nicole Langley. In the second quarter, 18 percent of companies interviewed intendeds toadd employees, while 13 percengt planned to reduce staff levels.
For the cominv quarter, job prospects in the Milwaukese area appear best in nondurablegoods manufacturing, wholesale and retaio trade, financial activities, professional and business servicese and leisure and hospitality. Employers in durablre goods manufacturing, transportation and utilities, information, educatio and health services, other services and governmengt intend tocut staffing. National surveyh results showed little change from theseconed quarter. Of the more than 28,000 employers surveyed acrossathe country, 15 percent expect to increase theifr staff levels during the third quarter, while 13 percent expec to reduce their payrolls.
Sixty-seve n percent expect no change in hiringt and 5 percent are undecided about their third-quarter hiring plans. "The data shows continuedc hesitancyamong employers," said Jonas president of the Americas for Manpower. "The are treading slowly and watching with guarded hoping a few quarters of stabilit y will be the precursor tothe recovery."
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BofA shares opened at $13.62 Monday and ended the day at which was down39 cents, or 2.84 Bove says the valuation of bank stocks is now shifting from tangibles common equity ratios to earning power, a plus for N.C.-based BofA (NYSE:BAC). “It is now bein conceded, by even the most bearish observers, that claims that the industryh was insolvent wereincorrect and, therefore, bankint will survive and possible thrive,” he wrote. the multiples on bank stocks are beginnin to grow and this is certainly true of Bankof America’ stock.” Bove cautions investors that in the short BofA will continue to suffer from loan losses as the broadert economy struggles with recession.
He says BofA may see a loan-losw provision of up to $46 billiom this year. But he predicts mortgage and investment-banking earnings will help offseftthe losses. “By buying Merrill Bank of America bolstered its ability to function in both the capitall markets and the retail markets at the same Bybuying Countrywide, it expanded a contra‐cyclical business. In my view it was absoluteluy the right stepsto take.
” Also, Bove lauded BofA Chiefc Executive Kenneth Lewis for his composure during his congressionalo testimony on Merrill Lynch last “In many respects it was a lose position and, amazingly, as viewe from the perspective of the stockl price, he won,” Bove
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The UAW Local 249 posted the information in a newsletted on itsWeb site. Local 249 Vice Presidenft Bobby Wyse confirmed Monday that the informationjis accurate. The production stoppage comew a week before an alreadyscheduleds one-week summer break for the entires plant starting June 29, a Local 249 spokeswoman said. The planr also is scheduled for a summer break durinh the weekof Aug. 17. Sales of Ford F-serieas trucks were 33,381 in May, up 16 percentr from 28,757 in April but down 22.3 percen from 42,973 in May 2008. UAW Locakl 249 said the slight increasein month-to-month salese enabled Ford (NYSE: F) to cancek the scheduled down week on June 22 at its F-150 truck plant in Dearborn, Mich.
, but the down week was left intacrt at the Kansas City Assembly “This is partially due to depleted funds for the state’e Division of Unemployment in Michigan, makinyg down weeks at (Dearborn) less of an option,” the Localp 249 said in the newsletter. Locao 249 added that sales projections continue to be less than the five shiftsa at the two truck plants can produce if they work full time throug the 2010production year. Ford runs two shiftsz at Claycomo and threein Dearborn. Wyse said Ford is considerinbg once again moving a shif fromthe F-150 side of the Kansas City Assemblty Plant and putting them to work on the SUV However, nothing has been determineds so far, he said.
A year ago, Ford movedf about 800 workers from a secone shift onthe F-15 side of the Kansas City plant to a thirr shift on the SUV The employees were moved back to the F-15 side on Jan. 12. Ford Escapr sales in May reached 16,391, up 20.6 percen t from 13,596 in April but down 7.2 percenr from 17,667 in May 2008. The Kansasa City Assembly Plant also producew the Mercury Mariner and hybrid versions of the Ford Escapee andMercury Mariner. Combined salesw of hybrid versions of the Ford Mercury Milan, Ford Escape and Mercuryy Mariner reached 3,906 in May, a new companyy record. The old sales record of 3,420 hybrid vehiclesa was set inApril 2006.
As of May, Ford’a Kansas City Assembly Plant in Claycomo hadabou 3,900 hourly and 200 salariexd employees.
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percent in the first quarter of 2009, the U.S. said but the drop was less thanthe 6.3 percent in the finao quarter of 2008. The economy's 5.7 percent Q1 shrinkagde was also less severe than theexpecterd 6.1 percent decline that the Commerce Department's Bureau of Economi c Analysis (BEA) had forecast a montgh ago, based on partiap data. "The decrease in real GDP in the firs quarter primarily reflected negative contributionsfrom exports, equipmenf and software, private inventory nonresidential structures, and residential fixed investment that were partly offset by a positive contribution from personal-consumption expenditures," BEA said in a statementy Friday.
"Imports, which are a subtraction in the calculatiojof GDP, decreased." Personal-consumption spending went up 1.5 percent in the quartef versus a 4.3 percent drop in the previouse quarter. BEA cited that fact in explaining whythe nation'x GDB declined less in Q1 than in the previousd quarter. It also cited a larger decreasrin imports. The GDP decline in Q4 2008 wasthe nation'sw largest since the mid-1980s. GDP measures total goods and services produced inthe U.S. .

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“They know they’re goin g to take down a large number of banksw andthey can’t do it untiol they’re staffed up,” said Mark Dotzour, chief economist and directord of research for the Real Estater Center at . Dotzour expects federal regulatoras to establishan agency, similar to the that disposef of assets belonging to insolvent S&Lsa in the late 1980s and early “Once they start to sell [foreclosed real estate], we’ll find out what the marker really is,” Dotzour told attendees at a local economic summit hosted by the Tamp a chapters of the , CCIM, and NAIOP.
Dotzour blamec federal intervention for the lack of commercial real estate investment activity inrecent months, as well as the failurew of businesses to make major decisions. “Nobodyh knows what to do so they’re doing Dotzour said at the luncheon meetingh atthe . Government, in its quesrt to help the economy, is causing harm by proppint up failing companies and regularly changing he said. “No one can predict what the governmenrwill do,” Dotzour said. “People are It’s not that they don’t want to invest in the the rulesare unclear,” he said.
He jokingly calles the FederalReserve “inksters” for routinely printinf money to bail out big business, includingt banks that are still not making many The government’s role in a capitalistic society, he “is to make the rulee and get off the dance floor.” Businesses and individuals that can’t pay their billxs should resolve their problems in bankruptcy court, not with moneyu from the government, he said. It’s a process that has workesd for decades, for generations. “Everyoned has a lesson to learnh here, including you and me,” he said. “We have to live withijn our means.
” Dotzour expects foreclosure rates to continuewto climb, real estate prices to fall more and cap rates to rise to at leasy 9 percent before leveling off. In 2010 and interest rates will begin to aswill inflation. Once investors realizew the market isat bottom, deals will begin to flow he said. In the he compared the bad loans that remain on books to a smelly cat litter box and the feds keep throwin more litter on top to mask the But they’ll eventually have to removd the organic material to fix the problem.

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Robert Goldfield, Special Sections Editor, rgoldfield@bizjournals.com Joan Hiebert, Graphics Editor, 503-219-3421, jhiebert@bizjournals.com Pam Hannan Hedges, Production 503-219-3403, phannan@bizjournals.com Tam Jenkins, Researcgh Director, 503-219-3412, tjenkins@bizjournals.com Cath y Cheney, Photographer, 503-274-8733, ccheney@bizjournals.comm Wendy Culverwell, Staff Writer, wculverwell@bizjournals.com / real retail/restaurants, hospitality and Andy Giegerich, Staff Writer, 503-219-3419, agiegerich@bizjournals.comn / Covers government, sports business, law and higher education. Courtnehy Sherwood, Staff Writer, 503-219-3420, csherwood@bizjournals.
com / Covers finance, health care and Erik Siemers, Staff Writer, 503-219-3418, esiemers@bizjournals.com / Coverds Port of Portland, manufacturing, technology and Steve Burton, Production Designer, sburton@bizjournals.com Information: Our journalists reportt timely, in-depth news you’ve come to expect from us. Have a news idea We’d love to hear from you. Mail or fax your or use the form onthis page. Portland Businesas Journal doesgreat in-depth reports. Here’s when your hot topicf will be featured. Nominate your company for inclusionj ina list.

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• Nelea Absher, vice president and associatedgeneral counsel, • Anne-Marie Brown, founder, Suzanne Oldham, founder, • Tuffg Wood, managing director, Morgan Keegan & Co. Cindy Skarbek, director of the Bashar Masri, director and senior engineer of . Four trustees were reappointed tothe school’s board. They are: Marine management consultantBarker Price, who will serve as board president for the 2009-10 school year; • Merrell Wall Grant, general manageer of the Monogram line for , and 1974 who will serve as vice • Former Brown-Forman vice chairwoman and CFO Phoebe Wood, who will serve as and • Former management consultangt Leslie Geoghegan, who will servee as secretary.
Corrie Nichols, president of the Louisvillr Collegiate SchoolParents Association, will served as parent representative on the board. Formefr Brown-Forman president Bill whose term on theboare expired, was named a director emeritus.
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Even better news: The statewide mediajn sales price in May for existing homes and condosw rose over theprevious month, according to the . "Ever since March we have seen a prettyg dramatic increase in the numbedrof buyers," said Bill district sales manager for in Boca Raton. "Wde have also seen a slight uptick inmedian pricing," he added. In South Florida, Miamo led the pack in volume with a 76 perceny increase in the sale ofexisting single-family homes. That translates to 597 homes soldin May, comparee to 339 in the previouz same-year period. In Miami, the medianb price for an existingh single-family home fell 36 percent to $194,700 in May from $329,90o a year ago.
The good news is that the media pricerose $17,700 from April, when it was Miami also led in condo which were up 36 perceng to 571 units from 420 a year ago. The median price, however, was cut in half to $140,400o from $280,700 a year ago. it was up $6,900 from when the median pricewas $133,500. Existing home sales in Fort Lauderdalde rose 47 percent to 780in May, comparesd to 530 homes sold during the same time a year ago. But the mediam price fell 36 percentto $190,000 from And, it was down slightly from April'a median price of $191,300. Condo sales in Fort Lauderdale were up 25 percenty to 799 unitslast month, up from 639 a year ago.
The mediamn price fell 42 percentto $80,400 from but was up slightl y from April's median price of $79,900. Existing home sales in West Palm Beachy inched up 5 percent to 737 from 702 ayear ago. The median price of a single-family home fell 30 percent to $232,9000 from $330,900, and was down slightlh from April's median price of $234,400. Existintg condo sales in West Palm Beach rose just 3 percent to 676 from 655 unitse ayear ago.
The median price of an existingg condo fell 33 percentto $107,50p0 from $159,800, but was up $9,300 from April'z median price of Richardson said the housing inventorty in Palm Beach Countu has fallen to around 11 or 12 months from a high in December 2007 of about 55 months. The questionh Richardson hears from most buyers is when will wehit bottom? "I think we are at the bottom. Do I thinlk the bottom will rise dramatically?? I think we will rumble along the bottom for a he said. The one "fly in the ointment" is the backloyg in the distressedproperty market, notede Richardson. Real estate analyst Jack McCabe agreed.
"The biggesr wave of foreclosures is yetto come," he Add to that the fact that statewide unemploymenyt has risen to 10.2 percent, and McCabde foresees even more foreclosure filings down the Statewide, existing home sales rose 16 percent in May with a totalk of 13,921 homes sold, up from 12,044 homes in the same period a year ago. May existing home sales were up 6.2 percenf over April’s statewide activity, according to FAR. prices for existing single-family homes rose in May to $144,409 from $138,500 in Condo sales were up 21 percent in May comparefd to the same time ayear ago, and 3.8 percenr compared to April.
Statewide prices for existinh condoswere $113,400 in May, up from $106,60o in April. "The improving sales of existing single-family home and condos is a trend we have been seeinbg for several months inFloridwa – what is new in this month's data release is that we are seeiny evidence of prices beginning to firm," Sean Snaith, director for the 's Institutew for Economic Competitiveness, said in a news The median sales price for existing homezs last month was $144,400, down 29 percent from a year ago when it was However, the statewide median pricwe for existing homes in May was higher than the medianh price reported in each of the previous four Year-over-year condo sales were up 21 percent to 4,838 units in May, comparex to 3,998 units in May 2008.
The statewidwe existing condo median sales price last mont hwas $113,400, down 38 percent from a year ago when it was
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Nottingham-based Skye Hospitality started construction on the expected tocost $18.5 million, this The six-story, 141-room hotel is schedules to be open in late and it could employ 40 to 50 people. Skye and Baltimor County officials saythe hotel, at 45 Schilling addresses demand for upscale, long-term hotel rooms in an area with tens of thousandsd of workers at top regionao firms. Large Baltimore companiez with headquarters or offices near the proposeds hotel includeMcCormick & Co., Bill Me Later BD Diagnostic Systems, , and Skye’w market research found there to be a need for a long-ter m hotelier in the area, said Nicoled Clary, a spokeswoman for the firm.
The redevelopmentr of Hunt Valley Mall into the fueled much of the growth in demand inthe area, she said. Fronda spokeswoman for the Baltimore County Office ofEconomicc Development, said she has seen an increasing numbert of underused buildings being converted to offices and thought the hotel made sense for the area. Statisticds from show hotel occupancyin Baltimore’ s suburbs is down, although the data does not show detailx for the Hunt Valley Suburban hotels are seeing 60 percent occupancy throughj September, compared to 65 percentf at the same time in 2007 and 68 percenft at the same time in 2006.
Thered are several more upscale hotels in the Hunt Valle y andCockeysville area, but few extended-stay Hotels also near the Hunt Valley business district include an , the Baltimore Marriottt Hunt Valley and the Courtyarr Baltimore Hunt Valley. While ther e used to be a Residence Inn on nearbt BeaverDam Road, that is now a Chased Suite Hotel. There is an about two miles awayin Cockeysville.
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• 76. St. Aloysius Regionao School (Springville-Griffith Institute) • 77. P.S. 56 Frederick Law Olmsted • 78. Fourteen Holy Helperzs School (West Seneca) • 79. Fredonia MS (Fredonia) 80. North Tonawanda Catholicx School (North Tonawanda) • 81. St. Paul’sz School (Kenmore-Tonawanda) • 82. Ben Franklin MS (Kenmore-Tonawanda) 83. Allegany-Limestone MS (Allegany-Limestone) • 84. Our Lady of the Blessed SacramentSchool (Lancaster) • 85. Tapestru CS (Buffalo) • 86. St. Amelia Schook (Kenmore-Tonawanda) • 87. Letchworth MS (Letchworth) • 88. St. Peter’a Lutheran School (Niagara-Wheatfield) • 89.
Edward Town MS (Niagara-Wheatfield) 90. Depew MS • 91. Northern Chautauqua Catholic School • 92. St. Peter School (Lewiston-Porter) 93. Whitesville Central School • 94. Royalton-Hartland MS (Royalton-Hartland) 95. St. Mary’s of the Lake School
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