* Lawmakers Ask For Patience
(Video)

Today on a visit to an Indiana factory, President Obama said he believes the nation’s economy is on its way to recovery. The latest figures show Illinois’ unemployment rate is following national trends, tipping the scales at 10.3%
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State Senator Dan Rutherford says during good times and bad, people need to keep lawmakers in the loop.

* New jobless claims drop more than expected

The Labor Department said that initial claims for jobless benefits dropped to a seasonally adjusted 550,000 for the week ending Aug. 1, down from an upwardly revised figure of 588,000 in the previous week.[…]

The tally of people continuing to claim benefits rose, however, by 69,000 to 6.3 million, the department said, after dropping for three straight weeks. The continuing claims data lags initial claims by a week.[…]

When emergency extensions of unemployment are included, the total rolls climbed to a record 9.35 million for the week ending July 18, the most recent data available. Congress has added up to 53 extra weeks of benefits on top of the 26 typically provided by the states.[…]

The recession, which began in December 2007 and is the longest since World War II, has eliminated a net total of 6.5 million jobs. The unemployment rate is expected to rise to 9.6 percent when the July figure is reported Friday. The jobless rate of 9.5 percent in June marked a 26-year high.

* The appraisal game has changed. Here’s what you need to know.

Nowadays, chastened by the cascade of bum loans that came back to haunt them, most lenders are casting a wary eye to just about everything in an appraisal, according to McCarthy and others in the field.[…]

“Lenders are requiring much more market information from the appraisal than I can remember in my 30-year career,” he said.[…]

The new policy agreement, from regulators and Fannie Mae and Freddie Mac, is called the Home Valuation Code of Conduct, and it’s intended to keep appraisers and lenders at arm’s length to ensure unbiased valuations.

But critics complain that one result of the rules is that non-local appraisers — who may be unfamiliar with neighborhood real estate norms — are being called in, and their less-informed opinions are skewing appraisals and causing deals to founder.

* Stimulus check will keep Fermilab open for next 20 years

One of the Kane County’s largest employers will stay innovative and viable thanks to a $60.2 million funding boost from the federal stimulus package.

Fermilab Director Piermaria Oddone publicly thanked Congressman Bill Foster, a former Fermilab employee, for helping secure the money on Wednesday. The cash infusion means job security for the nearly 2,000 employees of the lab and new, short-term, jobs for the local construction industry.

* Welcome home, money

During a press conference at the high-energy particle physics lab on Wednesday, U.S. Rep. Bill Foster, D-Geneva, said Fermilab will see the first $45 million of its federal stimulus money in about two weeks and can be expected to start spending the money shortly thereafter.

“The $45 million will get out in the community in the hands of businesses,” said Foster, who estimated the total federal stimulus money will help create 125 local construction jobs.

The $45 million is just the first payment. The lab is approved for more than $100 million of federal stimulus money.[…]

Of the $100 million, one-fourth is planned for general infrastructure improvements. Oddone said much of that $25 million will stay with local contractors, architects and technicians, such as the ones who install air conditioning systems.

* Illinois to receive $13 million for school routes

Illinois will receive $13.1 million in federal money to encourage children to walk and bike to school.[…]

According to Quinn’s office, there will be 171 projects across the state, including sidewalk repairs, safety training and police and crossing guard equipment. The program is known as Safe Routes to School.

* Woodford gets $302,000 as transportation deal reached

Woodford County got its $302,000 for road work.[…]

The TIP approval also covered other projects that the group previously had feared might not meet time constraints for federal stimulus funding. Primarily, that means Northmoor Road, a joint project between the city of Peoria and Peoria County that accounts for more than $2 million of the $5.4 million in stimulus funding.

* EJ&E foes prep for next battle

One appeal of a controversial railway sale was denied this week, clearing the way for another — this one in federal court.

On Wednesday, the federal Surface Transportation Board rejected an appeal by the Illinois Commerce Commission. The ICC objected to Canadian National Railway Company’s $300 million purchase of the suburban Elgin, Joliet and Eastern rail line, which the STB approved in December.

* Allstate logs Q2 profit despite catastrophe losses

The news sent Allstate’s shares tumbling in aftermarket trading, down 76 cents, or 2.7 percent, to $27.47. The stock closed Wednesday’s regular session at $28.23, down nearly 14 percent for the year.

The Northbrook, Ill., company said it earned $389 million, or 72 cents per share, for the three months ended June 30. That compares with a profit of $25 million, or 5 cents per share, last year. Revenue rose 14.5 percent to $8.49 billion. […]

During the second quarter, Allstate had record catastrophic losses of $818 million, up 17 percent from $698 million in the year ago period, due to a large number of costly windstorms and hailstorms. It was the company’s sixth-consecutive quarter of high catastrophe losses from events other than hurricanes, said Allstate Chairman, President and Chief Executive Tom Wilson in an interview with The Associated Press.

* Hyatt eyes $1.15B IPO

Chicago-based global hotelier Hyatt Hotels Corp. is seeking to raise up to $1.15 billion in an initial public offering, according to a regulatory filing on Wednesday.

The filing did not specify the number of shares to be offered or an expected date for the offering, which is the third largest prospective IPO in the U.S. pipeline.[…]

For the year ended Dec. 31, 2008, Hyatt’s revenues came to $3.8 billion, with net income from Hyatt Hotels reaching $168 million.

But for the six months ended June 30, revenues totaled $1.6 billion, with a net loss of $36 million attributable to Hyatt Hotels Corporation, according to the filing.

* UAL may dodge cash crunch, analyst says

Shares of UAL Corp., parent of United Airlines, shot up more than 18 percent Wednesday as an analyst said the carrier was not facing a near-term cash crisis.

Most airline shares were higher, rising from earlier lows, as oil prices dropped below $71.

* Helping veterans afford college is the least we can do

People who have served three years or more will be eligible for tuition and fees equal to the most expensive public university in their state. They will also get a housing stipend and up to $1,000 a year for books.

The benefits will be prorated for military veterans who have served less than 36 months.
Children will receive the benefit if the person has been killed in the line of duty. Troops who have served six years and sign up for an additional four can pass the college benefit to their children.

* Goodwill launches school clothing drive

PEORIA —Goodwill Industries and Family Circle magazine have launched a national 5 million-pound clothing drive.

Donated items will be sold at the central Illinois agency’s nine stores and nationally at more than 2,300 Goodwill retail stores.

* Back to School: Smart shopping

The average family with students in elementary or high school is expected to spend $549 on school clothing and supplies this year, down 7.7 percent from the $594 spent last year, according to the National Retail Federation. Back-to-school spending across the country is expected to reach $17.42 billion.