Manufacturing shrinks as orders hit 60-year low

The decline in U.S. manufacturing deepened in December as demand for such products as cars, appliances and furniture reached the lowest level in at least 60 years. The Institute for Supply Management's measure of new orders fell to 22.7 from 27.9 in November, the group said yesterday, marking the lowest level since it started releasing monthly data in 1948. The overall factory index dropped to 32.4, below economists' forecasts and the lowest since 1980. Readings less than 50 signal contraction.

GMAC gives up exclusive right to certain GM loans

GMAC, the auto-lending arm of General Motors Corp., will allow the carmaker to offer its customers financing from competing sources, giving up parts of an exclusive 10-year contract signed in 2006. GM can offer retail financing incentives through a third party for two years with some restrictions, according to a federal filing yesterday. The terms loosen in stages until 2013, when the automaker can offer loans from any source without restriction. The accord also frees GMAC from requirements to provide certain new-car leases and meet sales targets.

A year after $100, oil prices cut in half

Exactly one year after crude oil eclipsed $100 a barrel for the first time, 2009 trading began yesterday with prices roughly half their year-ago levels -- and some believe oil could be headed even lower. Oil markets kicked off the new year with crude climbing to around $46 a barrel. A variety of factors were likely at work, including expectations that OPEC would carry out its largest production cut ever to stem the historic price decline, and violence in Gaza.

Unemployment comp phone lines open Sundays

Out-of-work Pennsylvanians will now be able to file claims for unemployment compensation benefits six days a week. Call-in hours for the unemployment compensation toll-free phone number, 1-888-313-7284, will now be available Sundays from 9 a.m. to 4:30 p.m. In addition to the new Sunday hours, the call center is open from 7 a.m. to 8:30 p.m. Monday through Friday. Claimants also can file for benefits online at www.dli.state.pa.us.

Gasoline prices continue their steady decline

Fuel costs continue to drop for local motorists. The average price for a gallon of regular, self-serve gasoline in Western Pennsylvania this week fell 2.4 cents to $1.729 per gallon, down from $1.753 per gallon a week ago, according to the AAA Fuel Gauge report. A year ago at this time, the average price in Western Pennsylvania was $3.108. Nationwide, the average price is $1.626.

Macy's warns customers of possible overcharges

Macy's Inc. says customers who made purchases on Dec. 20 may have been charged more than once due to a "glitch." Macy's has been in communication with banks to make sure the multiple debits are cleared up and customers aren't penalized with overdraft fees.

Also in business...

Pittsburgh-based private equity firm Standish Capital has changed its name to 3 Rivers Capital LLC and launched a new Web site, www.3riverscap.com.