Unum local gifts top $3.5 million last year
Unum and its employees teamed up to contribute $3.5 million last year to non-profit organizations in Southeast Tennessee and North Georgia, part of more than $12.7 million in total charitable support from the company in the United States, Britain and Ireland.
In addition, employees in Unum’s Chattanooga office volunteered 20,000 hours to their favorite local causes, valued at $482,509.
“We have a longstanding tradition of helping others and fostering partnerships with organizations that are committed to making a difference in our communities,” said Suzanne Payne, director of corporate social responsibility at Unum. “That commitment to social responsibility is one of Unum’s core values, and it’s rewarding to see our employees demonstrate that commitment by giving of their time, talents and financial resources.”
The company primarily focuses its charitable efforts on supporting public education initiatives that provide more opportunity for students to learn. Other areas of support include health and wellness and arts and culture.
Unum is the world’s biggest disability insurer and employs more than 2,800 employees at its Chattanooga headquarters.
The Chattanooga Volkswagen assembly plant, located in the Enterprise South industrial park, is photographed on Thursday, Jan. 14, 2016, in Chattanooga, Tenn.Volkswagen plans to cut about 3,000 white-collar jobs in Germany through the end of next year as the carmaker grapples with the costs of its emissions test-rigging scandal, two sources at the carmaker told Reuters.
Steps that Volkswagen will use to reduce the number of office jobs include moving workers more quickly into early retirement and assigning staff to other departments, the sources said today, confirming a report by news agency dpa.
Earlier this week, a Chattanooga plant spokesman said the $600 million expansion here was ongoing to produce a new sport utility vehicle and there were no plans for job cuts at the factory.
The local assembly plant employs 2,500 people, officials said.
Stock and housing gains lift household wealth
Americans’ household wealth jumped in the final three months of last year, pushed higher by rising stock prices and greater home values. That leaves many households, particularly wealthy ones, more money to spend, a potential boost for growth.
The Federal Reserve says U.S. household net worth increased 1.9 percent in the fourth quarter to $86.8 trillion, up from $85.2 trillion in the third quarter. Americans’ stock and mutual fund portfolios grew $758 billion. Home values rose $458 billion.
The overall increase in wealth masks large disparities between wealthier and less well-off households. And the Fed’s figures aren’t adjusted for population growth or inflation.
Household wealth, or net worth, reflects the value of homes, stocks and other assets minus mortgages, credit cards and other debts.
Home loan rates rise to 3.68 percent
Average long-term U.S. mortgage rates rose this week for only the second time this year.
It was the second straight weekly increase for long-term loan rates, which had declined since the start of the year amid global economic anxiety and market turbulence. Rates still remain at historically low levels at the start of the spring home buying season.
Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year, fixed-rate mortgage edged up to 3.68 percent from 3.64 percent last week. The benchmark rate remains below the 3.86 percent level it marked a year ago.
The average rate on 15-year fixed-rate mortgages increased to 2.96 percent from 2.94 percent last week.
Economists are seeing some positive signs in new data. A robust U.S. employment report for February, issued by the government last Friday, highlighted a resilient U.S. economy just as fears of a new recession had begun to surface.
U.S. employers sent a clear message of confidence last month. They added a healthy 242,000 jobs, while the unemployment rate held at a low 4.9 percent. The gains showed that the economy is surmounting its challenges without suffering much damage.
As economic anxiety has eased, U.S. government bond prices have reversed their upward trend that started the year.
Jobless claims drop to five month low
The number of people seeking U.S. unemployment aid fell last week to the lowest level since October, evidence that employers are confident enough in the economy to hold onto their staffs.
The Labor Department says weekly jobless benefit applications fell 18,000 to a seasonally adjusted 259,000. The four-week average, a less volatile measure, dropped 2,500 to 267,500, the lowest reading since the week of Oct. 31.
Applications are a proxy for layoffs, so the figures indicate that employers are cutting few jobs. Any reading below 300,000 is historically low. When unemployment claims are this low, it typically means businesses are also hiring at a steady pace.
The data comes after last week’s jobs report showed that employers added 242,000 jobs in February and the unemployment rate stayed 4.9 percent.