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Farm prices higher than in July
The USDA's farm products index of prices climbed to 101 in Aug., up 1% from July and 8.2% from a year earlier. Prices were higher for corn, wheat, strawberries and lettuce, but lower for hogs, broilers, grapes and potatoes. Meanwhile, the food commodities index rose 1% from July, but slid 12% vs. Aug. '01.
Bond issuance hits record high
U.S. bond sales swelled 16.8% in the first half of 2002 to a record $2.5 tril, the Bond Market Association said. Issuance is on track to top last year's record $4.6 tril. The trade group said issuance increased for Treasuries and other "safe" debt. But corporate bond issuance fell 26% as investors fear economic and accounting woes. In all, the U.S. bond market encompasses $19.5 tril of debt.
Wage freezes to thaw next year
One in six employers froze salaries this year, but just one in 17 plan to freeze them in '03, found a survey by Mercer Human Resources Consulting. For firms giving out raises next year, the average increase is expected to be 3.9%. Wage freezes were most common in tech and telecom, but rare in the utility, health care and insurance industries.
- The University of Michigan's consumer sentiment index ...