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Business at a glance

Ford recalling trucks, SUVs

DETROIT – Ford is recalling nearly 202,000 pickup trucks, SUVs and cars in North America because the automatic transmissions can suddenly downshift to first gear.

The company also said Wednesday that it’s recalling more than 81,000 Explorer SUVs to fix a rear suspension problem.

The transmission recall covers the 2011 and 2012 F-150 and the 2012 Expedition, Mustang and Lincoln Navigator. Ford says a software problem in a speed sensor can force the vehicles into a downshift. The problem has caused three crashes but no injuries.

Dealers will inspect the sensors. If they find no trouble codes, they’ll update software. If trouble codes are present they’ll replace the part that houses the speed sensor.

The Explorer recall covers SUVs and Police Interceptor models in the U.S., Canada and Mexico from 2014 and 2015.

GM will build Tennessee plant

SPRING HILL, Tenn. – General Motors announced Wednesday that it is spending $790 million to build a new high-efficiency engine at its plant in Tennessee, creating nearly 800 jobs.

The investment is the latest boost for the Spring Hill Manufacturing Plant, where vehicle production was idled during the Great Recession. Since 2010 GM has poured $2 billion into the plant facility 30 miles south of Nashville that makes two four-cylinder engines and the Cadillac XT5 midsize SUV. The plant will also begin producing the GMC Acadia later this spring.

“Today’s announcement reinforces our absolute faith in this facility,” said Arvin Jones, North American manufacturing head.

Local bank stocks mixed

Local bank stocks closed with mixed results following Wednesday’s trading. Cortland Bancorp jumped 60 cents to close at $15.85. However, First Niles Financial stood pat at $8.75 a share.

Staff, wire reports

Business at a glance

Retail sales fall in March in U.S.

WASHINGTON – U.S. retail sales fell last month as Americans cut back on their car purchases, the latest sign that consumers are reluctant to spend freely.

A 2.1 percent plunge in auto sales – the steepest such fall in more than a year – accounted for most of last month’s drop. But sales were weak in some other sectors, including clothing, restaurants, and at online and catalog stores.

Overall retail sales fell by a seasonally adjusted 0.3 percent in March, the Commerce Department said Wednesday, following a flat reading in February and a drop in January.

Americans have been more cautious about spending this year than most economists expected, despite steady job gains and lower gas prices. That’s a key reason why analysts now think the economy barely expanded in the first quarter.

U.S. producer prices tumble

WASHINGTON – U.S. producer prices fell in March for the fifth time in the past eight months, reflecting a drop in food prices which offset the biggest increase in energy prices in 10 months. Even with the increase in energy, inflation remained at modest levels.

The Labor Department said Wednesday that its Producer Price Index, which measures cost pressures before they reach consumers, dropped 0.1 percent in March after a 0.2 percent decline in February.

Food costs dropped 0.9 percent while energy prices increased 1.8 percent, the biggest jump since last May.

No change in local bank stocks

Local bank stocks were unchanged following trading on Wednesday. Cortland Bancorp stood pat at $15.31 a share, while First Niles Financial remained at $8.15 a share.

Staff, wire reports

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