Slot maker IGT will cut 55 more workers
Slot machine maker International Game Technology says it’s laying off another 55 workers at its Reno headquarters.
Company spokeswoman Ed Rogich says the Reno layoffs account for about one-third of the 161 layoffs the company announced on Thursday in its domestic and international work force.
IGT reduced its work force by 300 in Reno and 500 globally last November. In January it cut 200 more positions, mostly in Reno.
The company is one of the largest private employers in Washoe County.
U.S. trade deficit falls to nine-year low in May
The U.S. trade deficit fell to the lowest level in more than nine years in May as exports posted a small gain while the weak American economy pushed imports down for a 10th straight month.
The Commerce Department said Friday the deficit narrowed to $26 billion, a drop of 9.8 percent from April and the lowest level since November 1999. Economists expected the deficit to widen to $30.2 billion in May.
So far this year, the deficit is running at an annual rate of $350 billion, about half of the $695.9 billion deficit for all of 2008.
Official says stimulus plan on ‘expected path’
Despite persistently high unemployment, Treasury Secretary Timothy Geithner said Friday the Obama administration’s economic stimulus plan is on the “expected path.”
Geithner told lawmakers Friday that the rate of decline in the economy has slowed, consumer confidence has improved, the financial system is healing, and concern about a financial meltdown has receded.
Treasury prices rise as traders seek safety
Treasury prices rose Friday as investors sought the safety of government debt.
The 10-year Treasury note rose 1 points to 98.59, pushing its yield down to 3.29 percent from 3.41 percent Thursday.