THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Saturday, November 4, 1995 TAG: 9511040469
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 51 lines
The nation's unemployment rate dipped to 5.5 percent in October, the lowest level in seven months, as moderate gains in construction and medical services helped to offset the effects of an aircraft strike. The Labor Department said the jobless rate improved from the 5.6 percent level where it had been for the past two months. Analysts said the small improvement did nothing to change their view that economic activity is slowing after a summer spurt. Payroll jobs increased by 116,000, slightly below expectations, and the government revised sharply downward its estimate for the growth in payroll jobs for September, reducing the increase to just 50,000 instead of a previously reported gain of 121,000. (AP) Michael Baker Corp. buys Maguire Associates
Michael Baker Corp., an engineering firm in Coraopolis, Pa., has acquired all of the assets of the consulting engineering company of Maguire Associates Inc. in Virginia Beach. Maguire, with 50 employees locally and offices in Atlanta, provides civil, environmental and transportation engineering and planning services to state and regional government agencies. Baker, traded on the American Stock Exchange as BKR, has worked with Maguire on several projects over the past several years. The acquisition is expected to be completed by the end of the year. (Bloomberg Business News) St. Joe Paper agrees to sell some plants
St. Joe Paper Co. agreed to sell its container plants and its pulp and paper mill for $390 million. A joint venture that includes Stone Container Corp. will buy the mill. Four M Corp.'s subsidiary, Box USA, will acquire the container plants. St. Joe, based in Florida, has 16 container facilities throughout the Midwest and South, including one in Chesapeake. The agreement is subject to financing and other conditions. (Staff) Food Lion will open seven more stores
Food Lion Inc. plans to open seven stores in November, bringing the total number of stores in the chain to 1,054. The North Carolina-based supermarket chain said the openings are scheduled in Maryland, North and South Carolina, Tennessee and Virginia. Food Lion has opened 16 stores this year and expects to open 48 by year's end. Three stores will be opened Nov. 8 in Florence, S.C.; Richmond; and Soddy Daisy, Tenn. Stores will be opened in Covington, Va, and Holly Springs, N. C., on Nov. 15 and in Rocky Mount, N.C., and Eldersburg, Md., on Nov. 29.(Bloomberg) by CNB