Business

Valley chamber CEO will step down July 31

Eldonna Shaw, president and CEO of the Greater Valley of Chamber of Commerce for the past 13 years, will step down July 31.

Shaw plans to pursue other career goals, said Valley chamber board member John Guarisco.

The board has created a search committee to find a replacement. The chamber represents about 650 members.

Shaw took over the position in 2001 and helped provide public information during the effort to form an incorporated city of Spokane Valley. Voters agreed to incorporate the city in 2002.

A news release quoted Shaw as saying she felt this was the right time for a transition. As for her plans, Shaw said, “I am going to be doing a lot of teaching, coaching and consulting.”

Consumer debt rises at slower pace in May

WASHINGTON – Consumers increased their borrowing at a slower pace in May compared to the prior month.

Overall credit rose by $19.6 billion in May, down from a gain of $26.1 billion in April, the Federal Reserve said Tuesday. The relatively modest increase should help to feed slow but steady economic growth, because consumers rely on debt to pay tuition, buy cars and shop.

Total outstanding consumer debt is now approaching $3.2 trillion.

Ford announces recalls for six safety defects

DETROIT – Ford is recalling 100,610 vehicles in North America for various safety defects.

The company announced the six separate recalls Tuesday. No injuries, accidents or fires related to any of the defects have been reported, Ford said.

The largest recall, of 92,022 vehicles, affects the 2013-14 Ford Taurus, Lincoln MKS and Police Interceptor sedans; 2013-2014 Ford Flex and Lincoln MKT crossovers; 2012-14 Edge crossover and 2014 Lincoln MKX crossover. Ford said the right-hand halfshaft, which is part of the axle, isn’t properly seated and may disengage over time, making the vehicles inoperable. The vehicles are also at risk of rolling unexpectedly if they are parked without the parking brake on.

Ford will notify owners of the vehicles in the halfshaft recall by mail beginning the week of Aug. 25 and will begin notifying owners affected by the five additional recalls this month. In all of the cases, dealers will repair the vehicles for free.

Positive hiring trend looks likely to continue

WASHINGTON – U.S. employers advertised more jobs in May than in any month in the past seven years, a sign that this year’s strong hiring trend is likely to continue.

More Americans also quit their jobs, a good sign because it usually occurs when workers find new and higher-paying jobs. It also opens up more positions for those out of work.

Employers posted 4.64 million jobs, a 3.8 percent increase from April’s total of 4.46 million, the Labor Department said Tuesday. That’s the fourth straight strong gain and is the highest number since June 2007.

The figures come after last week’s healthy jobs report and underscore this year’s steady improvement in hiring. Employers added a net total of 288,000 jobs in June, the government said last week, the fifth straight month of gains above 200,000. Tuesday’s report, known as the Job Openings and Labor Turnover survey, offers a more-complete picture of the job market. It reports figures for overall hiring, as well as the number of quits and layoffs. The monthly jobs figures are a net total of job gains or losses.



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