Credit union plans another branch

Spokane Teachers Credit Union has purchased property for a second branch in North Idaho.

The credit union purchased a parcel at Government Way and Canfield, near the Silver Lake Mall. Construction on the credit union’s Silver Lake branch will start in September, with a projected opening date of February 2007. The branch will employ up to seven people.

Earlier this year, Spokane Teachers Credit Union broke ground on a Post Falls branch, which is slated to open near the end of the year.

Boise

Jobless rate still below 4 percent

Idaho’s unemployment rate was 3.6 percent in July – continuing an historic streak of 15 straight months of unemployment rates below 4 percent.

Job growth also continues to be robust in the Panhandle’s five northern counties. According to state statistics, 100,525 Panhandle residents were working in July, compared with 98,316 a year ago.

Kootenai County’s unemployment rate was 3.9 percent in July, compared with 4.1 percent a year ago. Bonner County posted a rate of 4.5 percent and Shoshone County’s rate was 8.1 percent, respective declines of 0.4 percentage points from July 2005. In Boundary County, unemployment dropped to 7.7 percent, down 2.1 percentage points from last year.

Benewah County had the highest unemployment rate in the state in July – 9.3 percent. Kathryn Tacke, a regional economist for the state, attributed the high figure to the temporary closure of the St. Maries River Railroad, which led to periodic layoffs at the Regulus Stud Mill.

Spokane

Potlatch earnings down slightly

Potlatch Corp. reported second-quarter earnings of $8 million, or 21 cents per share, compared with earnings of $8.2 million for the second quarter of 2005.

Company officials attributed the slight decrease to depressed markets for the Spokane-based firm’s southern lumber products, and a loss at Potlatch’s hybrid poplar farm in Boardman, Ore. However, higher prices and increased shipments of tissue products helped offset the losses.

Potlatch’s net earnings for the first six months of the year were $70.8 million, or $2.06 per share, compared with $12 million, or 41 cents per share, for the first six months of 2005. This year’s results include a net tax benefit of $51.2 million related to the company’s Jan. 1 conversion to a real estate investment trust.

New York

News Corp., Google reach deal

Google Inc. will be the exclusive search provider for News Corp.’s Web sites, including the popular social networking site MySpace.com, with the Web’s leading search engine sharing at least $900 million in advertising revenue over three years.

Google will provide text-based advertising and keyword targeted ads through its AdSense network for inventory on Fox Interactive Media’s network.