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Investor's Business Daily

| December 03, 2002 | COPYRIGHT 2002 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

U.S. Manufacturing Still Stalled

1The ISM manufacturing index edged up to 49.2 in Nov. from 48.5 in Oct. But that was below forecasts of 51 and was the third straight month below the boom-bust 50 line. The new orders index dipped below 50, and job cuts intensified. ISM sees no catalyst for manufacturing. Last week's surge in the Chicago purchasers' index had raised hopes for a U.S. recovery. More on this page

Retailers Off To Big Holiday Start

2J.C. Penney rose 4% and Wal-Mart 1% after record Thanksgiving weekend sales. Three out of four consumers hit stores. Online sales jumped 61% over last year to $234.2 mil, said researcher Bizrate. Amazon rose 3%. Analysts warn about reading too much into a single weekend, especially amid heavy discounting. There are six fewer shopping days this year.

United, Mechanics Reach Deal

3The UAL unit and the union agreed on minor changes to a $700 mil wage cut plan. Mechanics, who rejected a deal last week, vote Thursday. United Air needs to make cuts so it can secure a $1.8 bil federal loan to help avoid bankruptcy. UAL jumped 34%. The carrier missed a $375 mil debt payment deadline but has a 10-day grace period.

Affirmative Action In Pivotal Test

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