It just feels like the party's over...
Wednesday, September 5, 2001; Page E02
General Motors, Ford and DaimlerChrysler's Chrysler unit sold fewer cars and trucks in August as discounts proved less effective in attracting customers. Chrysler was hardest hit, with a 24 percent decline from August 2000, when the automaker offered minivans at a deep discount to make room for new models. General Motors' sales fell 7.6 percent, while Ford's fell 8.4 percent.
Citibank's nationwide system of 2,000 automated teller machines crashed. The cause of the outage, which began at 5 p.m., is still being investigated. A Citibank spokesman said repair workers were working to restore power to the national network late yesterday. He said about 2 million U.S. households hold consumer banking accounts at Citibank.
Mortgage delinquencies rose and banks moved to foreclose on more homes in the April-June quarter, a Mortgage Bankers Association survey showed. The delinquency rate on single-family-home mortgages rose to 4.63 percent from 4.37 in the first quarter, the survey said. The number of mortgages on which lenders moved to foreclose also increased five-hundredths of a percentage point, to 0.36 percent, during the second quarter.
The Semiconductor Industry Association, whose members make more than 90 percent of the semiconductors in the United States, said worldwide sales in July fell 37 percent from the year-earlier period, to $10.9 billion from $17.3 billion.
United Airlines and its mechanics union, the International Association of Machinists and Aerospace Workers, will meet with the National Mediation Board tomorrow to discuss moving contract talks into a 30-day strike countdown. The second-largest airline and the union, which represents 15,000 mechanics, have been unable to reach a deal in nearly two years.
T-bill rates rose. The discount rate on three-month Treasury bills auctioned yesterday rose to 3.36 percent, from 3.35 percent last week. Rates on six-month bills rose to 3.31 percent, from 3.29 percent. The actual return to investors is 3.434 percent for three-month bills, with a $10,000 bill selling for $9,915.10, and 3.412 percent for a six-month bill selling for $9,832.70. Separately, the Federal Reserve said the average yield on one-year constant maturity Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 3.44 percent last week from 3.45 percent the previous week
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