Consumer Borrowing Tanks as Credit Market Freezes
Washington, DC, Oct. 9, 2008--Consumer borrowing unexpectedly fell in August by the most on record as banks shut off access to loans, a report from the Federal Reserve showed.
Today's Flooring News
Keep up to date with the most recent news in the flooring industry. Today's News...As it happens! We update this news several times a day so you can stay connected.
Välinge Signs Brazilian Wood Flooring Firm
Viken, Sweden, Oct. 9, 2008--Välinge Innovation has signed a global license agreement with Triangulo Pisos e Paineis LTDA for use of its locking system.
Initial Jobless Claims Fall But Still Too High
Washington, DC, Oct. 9, 2008--Initial jobless claims for unemployment benefits dropped last week from a seven-year high, the Labor Department said Thursday, though they remain at elevated levels that indicate recession.
Amtico Resilient in New James Bond Movie
Coventry, UK, Oct. 9, 2008--Resilient flooring manufacturer Amtico International has supplied flooring for the new James Bond movie Quantum of Solace, according to the Birmingham Post.
Consumer Confidence Plunges Along With Wall Street
New York, NY, Oct. 9, 2008--The implosion of Wall Street and the spreading economic crisis have taken a heavy toll on consumers, driving their confidence back down after a brief rally the past two months.
Metroflor Says It's Suing Mannington Over Patent
Darien, CT, Oct. 8, 2008--Metroflor Corp. said that on Oct. 1 it filed a lawsuit against Mannington Mills Inc. in the U.S. District Court ffor patent infringement.
Pending Home Sales Surge on Rates, Low Prices
Washington, DC, Oct. 8, 2008--Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors.
Fed, Europe, Coordinate on Emergency Rate Cut
Washington, DC, Oct. 8, 2008--The Federal Reserve, along with other global central banking authorities, cut a key U.S. interest rate by half a percentage point Wednesday.
Mortgage Applications Up But Well Short of 2007
Washington, DC, Oct. 8, 2008--Mortgage applications rose a seasonally adjusted 2.2 percent compared with the week before, according to the Mortgage Bankers Association, as interest rates on fixed-rate mortgages decreased.
Consumers Holding on Tight to Extra Cash
New York, NY, Oct. 8, 2008--Consumers held on to their money in September, sticking to buying the bare-bone essentials.