FILE – In this April 27, 2011, file photo a deadly tornado moves through Tuscaloosa, Ala. On April 27, 2011, a series of tornadoes killed hundreds of people, injured thousands and reduced countless buildings to rubble across a swath of the U.S. More than 120 tornadoes were reported that day – one of the deadliest outbreaks in the nation’s history. (Dusty Compton/The Tuscaloosa News, via AP, File) MANDATORY CREDIT FEMA gives $504 million after 2011 tornadoes
The Federal Emergency Management Agency said Friday it provided $504 million of assistance to victims of the 2011 tornadoes in the Southeast through relief aid, individual grants and disaster jobless benefits over the past five years.
FEMA and the U.S Small Business Administration provided $361 million of aid to 88,229 individuals in Alabama, $70.8 million to 8,845 individuals in Tennessee and $12 million to 5,461 individuals in Georgia.
“The success of community recovery comes through strong partnerships at the local, state and federal levels,” said Gracia Szczech, FEMA’s regional administrator in Atlanta. “Together we have focused on rebuilding communities that are stronger and more sustainable for the future.”
Clayton Homes buys Goodall in Gallatin
Clayton Homes, one of America’s largest homebuilders owned by Warren Buffett’s Berkshire Hathaway, said Friday it has acquired Gallatin, Tenn.-based Goodall Homes, a builder of new single-family homes, townhomes and condominiums since 1990.
Goodall is the second site-built housing company to become part of Maryville, Tenn.-based Clayton. Clayton acquired Atlanta-area builder Chafin Communities last fall.
“Adding great builders like Goodall to our team is exciting,” said Clayton home building group President, Keith Holdbrooks. “As we continue to grow and expand into the site-built market, it is important to partner with teams that share our culture of providing an excellent customer experience.”
Consumer spending inches up in March
U.S. consumers boosted their spending by a tiny amount in March as purchases of nondurable goods such as clothing offset a big fall in spending on autos and other long-lasting items.
Spending edged up 0.1 percent last month after a 0.2 percent rise in February, the Commerce Department reported Friday. Incomes rose a solid 0.4 percent.
Consumer spending, which accounts for 70 percent of economic activity, has been lackluster for the past four months. The weakness played a big role in the first quarter when the economy expanded at a weak 0.5 percent rate, the slowest increase in two years.
But with job growth still solid, economists hope stronger spending in the months ahead will help the economy grow at faster levels.
A separate report Friday showed that employment compensation costs rose a modest 0.6 percent in the first quarter, up only slightly from a 0.5 percent increase in the October-December period. Wages and salaries rose 0.7 percent. Benefit costs such as pensions and health insurance were up 0.5 percent.
Consumer sentiment declines during April
American consumers were a bit more downbeat in April.
The University of Michigan said Friday that its index of consumer sentiment slid to 89 in April from 91 in March. It is the lowest reading since September and the fourth straight drop. The index stood at 95.9 a year ago.
Consumers’ assessment of current economic conditions rose this month from March, but their outlook slid, dragging down the overall index.
Richard Curtin, chief economist of the Michigan surveys, said consumers may have been troubled this month “by growing uncertainty about the economic policies advocated by various presidential candidates.”
Rising gasoline prices may also have taken a toll. AAA says the average U.S. price of a gallon of regular unleaded gasoline has risen to $2.20 a gallon from $2.04 a month ago.
Employment costs rise 0.6 percent in first quarter
Employment costs paid to U.S. civilian workers rose at a slightly faster pace in the first three months of the year compared to the previous quarter, as wages and salaries gained steam.
The Labor Department says overall compensation was up 0.6 percent in the first quarter compared to a 0.5 percent rise in the final three months of 2015.
Wages and salaries, which account for 70 percent of compensation costs, rose 0.7 percent in the first quarter compared to a 0.5 percent advance in the fourth quarter. Benefits costs, which cover pensions and health insurance, increased 0.5 percent in the first quarter, down from a previous 0.6 percent increase.
The modest first quarter advance in compensation showed inflation pressures remain well contained.