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Digest

Evidence of housing slump showing up

By TIMES WIRES
Published November 2, 2006

Manufacturing expanded at the slowest pace in more than three years in September, and construction spending declined as housing continued to suffer through its longest stretch of weakness since 1995. Two reports released Wednesday depict an economy beginning to feel the impact of the sharp slump in the once-booming housing sector. The Institute for Supply Management said its gauge of manufacturing activity fell to 51.2 in October. That compares with 52.9 in September and is the lowest since June 2003. Also, the Commerce Department said spending on construction projects dropped by 0.3 percent to a seasonally adjusted annual rate of $1.196-trillion in September. Housing activity fell for a sixth straight month, the longest such stretch six monthly declines in a row over the first half of 1995.

NEW YORK

Holiday sales prospects cheery

U.S. consumers may spend 6.5 percent more during the holidays than a year earlier as lower gasoline prices and a jump in the stock market encourage buying, accounting firm Ernst & Young LLP said. U.S. shoppers enter the holiday season amid declining gasoline prices, gains in income and spending and with unemployment at a five-year low. Spending may be limited by falling home values, which have discouraged Americans from raising cash by refinancing their mortgages, the firm said.

TAMPA BAY AREA

Southwest offers bargain Dallas fare

Southwest Airlines cut fares to Dallas on Wednesday with tickets starting at $79 one way from the Tampa Bay area. Fares are good for travel from Dec. 1 through March 9. Sale fares do not include taxes and fees. Southwest has one-stop flights between the Tampa Bay area and Dallas through New Orleans and Houston.

FP&L exec to head Leadership Florida

Jeffrey S. Bartel, vice president of external affairs at Florida Power & Light Company, was elected chairman of Leadership Florida for 2006-2007 at the organization's annual meeting in Orlando. Leadership Florida is a nonprofit, nonpartisan organization that seeks to develop a network of statewide leaders. Under Bartel, Leadership Florida plans to conduct the first Sunshine State survey of Florida residents to gauge top-of-mind issues facing the state and its elected and community leaders.

BB&T to acquire Bradenton agency

BB&T Insurance Services said it will acquire Wyman, Green & Blalock Inc., the oldest independent insurance agency in Bradenton. North Carolina-based BB&T already owns 81 insurance agencies throughout the Southeast, including BB&T-Iler, Wall & Shonter in St. Petersburg.

[Last modified November 2, 2006, 00:03:39]