Chamber starts looking for a Kilbride successor
The Chattanooga Area Chamber of Commerce has officially begun the search for a new chief executive after current CEO Bill Kilbride announced recently that he’s retiring at year’s end.
The successful candidate will work alongside Kilbride for up to 60 days and then assume the leadership position no later than December, according to the business group that has 1,900 members and a $1.9 million budget.
Candidates will be evaluated by a transition committee consisting of the current board Chairman Larry Buie and a small group of volunteer leaders. A deadline for submitting a cover letter and resume was set for Aug. 20.
Kilbride, who was a longtime Mohawk Industries executive, was tapped three years ago as the head of Chattanooga’s chief economic development group.
Krispy Kreme goes dark, offering special eclipse doughnuts
Krispy Kreme is going dark ahead of the solar eclipse set to cast a shadow across part of the U.S. this month.
The doughnut chain is giving its signature glazed treats a chocolate sheen for the first time ever in honor of the Aug. 21 eclipse, where the moon will pass in front of the sun.
The Winston-Salem, N.C.-based company says in a news release that the eclipse is “a rare occasion providing a total sensory experience for viewers across the continental U.S.” and that its chocolate doughnuts will “have the same effect.”
The doughnuts will be available in participating stores on Aug. 21 as well as during limited hours on Aug. 19 and Aug. 20.
Mortgage rates drop but above a year ago
Long-term U.S. mortgage rates were unchanged to slightly lower this week, continuing a pattern of little movement in recent weeks.
Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages declined to 3.90 percent from 3.93 percent last week. While historically low, that’s still above last year’s average of 3.65 percent. The benchmark rate stood at 3.45 percent a year ago.
The rate on 15-year, fixed-rate home loans, popular with homeowners who are refinancing their mortgages, held steady at 3.18 percent.
Wholesale prices dip 0.1 percent in July
Prices at the wholesale level slipped in July, the first decline in 11 months and further evidence that inflation remains a no-show in the economy.
The Labor Department said Thursday that its producer price index, which measures inflation pressures before they reach the consumer, edged down 0.1 percent last month, reflecting a third month of declines in energy prices and a flat reading for food. The July result followed a tiny 0.1 percent gain in June. It was the first drop in wholesale prices since a decline of 0.2 percent last August.
Core inflation, which excludes volatile food and energy costs, also fell last month by 0.1 percent. Over the past 12 months, wholesale prices are up a moderate 1.9 percent, while core prices have risen 1.8 percent.
Inflation has been low throughout this recovery. For the past five years, it has fallen below the Federal Reserve’s target for annual price gains of 2 percent a year. At the beginning of this year, inflation by a gauge preferred by the Fed did climb as high as a 2.2 percent gain in February compared to a year ago. But it has since backtracked and in June registered a 12-month gain of just 1.4 percent.