Business

Business

GM's profit spikes on U.S. truck, SUV sales

DETROIT (AP) — Rising sales of high-profit trucks and SUVs in the U.S. helped push General Motors to a first-quarter profit record as the company put up $2.6 billion in net income.

Exxon's 1st-quarter profit doubles on higher oil prices

IRVING, Texas (AP) — Exxon more than doubled its profit in the first quarter as rising crude prices magnified the cost cuts made by the company as energy prices tumbled.

GDP grows just 0.7 percent in first quarter

WASHINGTON (AP) — The U.S. economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result underscores the challenge facing President Donald Trump in achieving his ambitious economic growth targets.

Employment costs climbed steadily in first quarter

WASHINGTON (AP) — Wages and benefits paid to U.S. civilian workers grew steadily in the first three months of the year.

The Employment Cost Index, which tracks wages and benefits, was up 0.8 percent in the first quarter, the Labor Department said Friday, That's the biggest quarterly growth since December 2007 and slightly faster than the 0.5 percent growth in the last quarter of 2016.

C-U, Danville both see March jobless numbers drop over 2016

CHAMPAIGN — The unemployment rate declined by about a percent in both the Champaign-Urbana and Danville metro areas compared with a year ago.

In the Champaign-Urbana metro area, the unemployment rate declined from 5.4 percent a year ago to 4.5 percent in March, according to the latest unemployment report.

American Airlines' employee raises upset Wall Street

FORT WORTH, Texas (AP) — American Airlines is giving pay raises to its pilots and flight attendants, who have complained they are paid less than peers at other airlines. Wall Street isn't happy.

I3 Broadband to start expanding fiber-optic network by August

CHAMPAIGN — I3 Broadband is planning to expand its fiber-optic network to 2,500 new homes this year, with construction beginning no later than Aug. 1.

Construction should take less than three months, said Mike Whitaker, i3 vice president of sales and business development.

So long, and thanks for all the gyros

CHAMPAIGN — For the first time in nearly 35 years, Matt Mortenson doesn't know what he'll be doing next week.

The longtime Zorba's owner sold the Campustown institution to Alex and Eleni Anastasiadis, and Mortenson's last day is today. The Anastasiadises take over Saturday.

Pending home sales slip in March

WASHINGTON (AP) — Fewer consumers signed contracts to buy U.S. homes last month as the spring buying season revs up with stiff competition for homes amid lagging inventory.

The National Association of Realtors said Thursday that its pending home sales index slipped 0.8 percent to 111.4 in March, from 112.3 in February.

Durable-goods orders post modest gain in March

WASHINGTON (AP) — Orders for long-lasting manufactured goods posted only a modest gain in March as a key category that tracks business investment plans remained weak.