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Analysts announced today that orders to manufacturers have gone down by 4.2 percent this quarter, and it was the biggest decline in five years. It was larger than the 3.5-percent drop that economists had been expecting. They believe manufacturing will continue to be under pressure for many more months, reflecting a deepening recession that already is the longest slump in a quarter-century.
Orders for durable goods like automobiles and electronics fell by 7.0 percent in August, while orders for nondurable goods, such as food, petroleum products and chemicals, fell 1.9 percent, the most since December. The slumping commercial aircraft industry and housing sector are leading these declines. Labor costs, however, are on the rise, while this is good news for workers, the concern is that with productivity gains slowing over the past year and the cost of labor rising, these trends could make the Fed's job of keeping inflation under control more difficult. Economists are hoping that factories will not raise the prices of their products to meet the demand of labor costs, which could fuel inflation.
Investors seemed to welcome the news of slower productivity as a sign that the central bank may finally cut interest rates, as major indexes rose several points today.
Introducing a new way to get to the airport:
the Newark Liberty Airport Express
The new bus service between Grand Central Station and Newark Liberty Airport will start on May 1st. The scheduled service operates every 20 minutes during peak periods and every 30 minutes during off-peak periods. It will take The Newark Liberty Airport Express an hour to get to the airport, depending on traffic.
Each bus is equipped with luggage bays underneath and rest rooms. When you board a Newark Liberty Airport Express Bus, you will get a relaxing, stress-free ride to, or from, the airport.
The travel will cost only $15 one-way; $25 round trip. If your travel plans involve Newark Liberty Airport and Grand Central Station, then you definitely should be on a Newark Liberty Airport Express Bus!
The drop-off point at the airport is on the ground floor of each terminal, conveniently located near the airline check-in counters. Pick-up is on the upper level of each terminal, near the baggage claim areas.
From May 1st through May 14th, 2010, passengers using public transportation at the Grand Central Station will be eligible for a free ride to the airport.
Discount fares
Children under 10, $7 off
Senior citizens over 65, $10 off