Business news briefs
Utahns to face unemployment benefit cuts
About 4,000 Utahns who receive federal emergency unemployment benefits will see a 12.8 percent reduction in their weekly checks beginning April 28, according to the state Department of Workforce Services. The reductions are due to forced sequestration cuts by the federal government.
Manufacturing activity slowed down in March
A survey shows U.S. manufacturing activity expanded more slowly in March than February, held back by weaker growth in production and new orders. The Institute for Supply Management's index of factory activity slipped to 51.3 percent from 54.2 percent in February, which was the fastest growth since June 2011.
Construction spending saw Feb. rebound
Spending on U.S. construction projects rebounded in February, helped by a surge in home construction, which rose to the highest level in more than four years. Construction spending rose 1.2 percent overall in February compared to the previous month, when construction dropped 2.1 percent.
Gas producer GMX files for Chapter 11
Oil and gas producer GMX Resources filed for Chapter 11 bankruptcy, blaming low prices for natural gas. GMX said it pursued several strategies to make its supply chain and production more efficient but it was unable to find any long-term solutions to its financing needs.