New unemployment claims easeNew claims for state...

NEWSWATCH ON BUSINESS

July 10, 1992

New unemployment claims ease

New claims for state unemployment benefits fell slightly in the latest week, the Labor Department said yesterday, signaling that the nation's jobless outlook may be better than the June unemployment report suggested.

Adjusting for seasonal factors, the number of Americans filing for initial unemployment benefits totaled 416,000 in the week ending June 27, down 4,000 from the previous week. Wall Street economists had forecast 418,000 new claims. for the period.

Possible violation

Local 1923 of the America Federation of Government Employees has been notified that the U.S. Labor Department has found "probable cause" that there was an election violation during its November balloting, according to local John Gage, president of the local.

The Labor Department has requested that the union discuss the matter further with the agency or to voluntarily hold another election, Mr. Gage said.

ARMCO gets refund

Armco Inc., which has two stainless-steel plants in the Baltimore area, said its second-quarter results will benefit from a gain of $39.1 million, or 39 cents a share, because of a refund from the Internal Revenue Service.

The company also said yesterday that it was reducing an expected charge for closing a melt shop in Baltimore to $20.4 million, or 20 cents a share, from an estimated $30 million. Raw stainless steel is made from scrap steel in a melt shop.

Armco expects to announce a loss for the quarter when it releases results the week of July 20, company spokesman Jim Herzog said.

The tax refund involves Armco's tax returns from 1978 through 1980 and 1987.

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