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Weekly jobless claims drop 17% in NC

New state unemployment insurance claims in North Carolina fell by 17.4% last week to 2,856, the U.S. Labor Department reported Thursday.

Claims were down from a revised 3,458 for the week that ended July 16. The pandemic low has been 1,848 claims for the week that ended Jan. 1.

The state was 22nd in the nation in the number of unemployment filings, up one spot from last week.

With no COVID-19 pandemic UI programs available for North Carolinians since Sept. 4, the claim totals represent new regular state unemployment-benefit claims.

Labor listed 15,880 North Carolinians drawing regular state benefits as of July 16, down from a revised 16,607 the previous week.

Overall, claims in N.C. have been down in recent month, primarily because employers remain reluctant to lay off workers in a tight job market.

Richard Craver

Downtown W-S warehouse site sells for $725,000

A downtown Winston-Salem industrial warehouse building has been sold for $725,000 to a Summerfield group, according to a Forsyth County Register of Deeds filing Wednesday.

The 0.61-acre tract at 701 Shallowford St. contains a 6,080-square-foot building.

The buyer is Greentree Real Estate LLC, while the seller is Cove Investment Group LLC of Winston-Salem.

Richard Craver

Surrey Bancorp posts 42% jump in second-quarter profit

A substantial loan-loss provision recovery was the primary factor in a 42.4% jump in second-quarter net income to $1.56 million, the Mount Airy bank reported Thursday.

Diluted earnings were 37 cents, up 11 cents from a year ago.

Surrey had a $415,000 recovery from its loan-loss provision during the second quarter, compared with a $189,000 addition a year ago.

Excluding the provision, loan revenue was up 3.5% to $3.38 million. Fee income rose 18.6% to $594,000.

Total assets were at $492.8 million on June 30. The bank has two branches in Mount Airy and one each in Elkin, North Wilkesboro, Pilot Mountain and Stuart, Va.

Richard Craver

Culp executive chairman Saxon shifts to non-executive role

Culp Inc. said Wednesday that Franklin Saxon is reducing his duties as executive chairman on Sept. 1 as part of "being less involved in the day-to-day management of the company."

The board of directors approved the change Wednesday. Saxon will serve as non-executive chairman and remain as a strategic advisor.

Saxon joined Culp in 1983. He served as president and chief operating officer from 2004 to 2007, chief executive from 2007 to 2019 and became executive chairman in January 2020.

Richard Craver

Amazon post 2Q loss but revenue tops estimates, stock jumps

NEW YORK - Amazon has reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher.

The Seattle-based e-commerce giant Amazon lost $2 billion, or 20 cents per share, in the three-month period ended June 30, driven by a $3.9 billion write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive.

It posted revenue of $121.2 billion, topping Wall Street expectations of $119 billion. The results came as the company attempts to navigate shifting consumer demand and higher costs, while curtailing the glut of warehouses it acquired during the COVID-19 pandemic. Its stock rose 12% in after-hours trading.

Associated Press