WEEK IN REVIEW

Jobs, wages up in July The U.S. economy added more jobs thanexpected in July, and wages rose at the fastest pace in six months.The jobless level stayed near a 30-year low at 4.3 percent.Employers added 310,000 workers last month, the Labor Departmentsaid. Workers' average hourly earnings rose 0.5 percent last month,after a 0.4 percent increase in June. Dow to buy Union Carbide DowChemical Co. agreed to buy Union Carbide Corp. for $11.6 billion instock and assumed debt. The deal would create the world's No. 2chemical company and the dominant maker of plastics used ineverything from trash bags to food packaging. Shoppers splurging atstores U.S. retail sales at stores open at least a year rose 6.9percent in July. Shoppers splurged on personal computers andwireless phones and picked up summer-clearance items and fallfashions from discount and specialty chains. GM sees surge in salesGeneral Motors Corp. said its U.S. auto sales in July surged 63percent from a year earlier, when it was crippled by strikes. FordMotor Co.'s sales of North American-built cars and light trucks rose1 percent, while DaimlerChrysler AG's sales, including Mercedes-Benz,rose 13 percent. Toyota Motor Corp. sales rose 14 percent, whileHonda Motor Co.'s rose 7.9 percent. Iridium having loan troubleIridium LLC, the cash- strapped satellite-telephone company, saidChase Manhattan Corp. claims the company has defaulted on an $800million loan and is demanding that Schaumburg-based Motorola Inc. -Iridium's biggest investor - put up $300 million to guaranteepayment. Vote relaxes TV ownership rule Federal regulators voted torelax rules on ownership of television stations. For the first time,a single person or group would be allowed to own two stations inmarkets with numerous TV stations, and in smaller markets in limitedcases. IBM reports storage advance IBM Corp., the world's largestcomputermaker, said it developed a way to store information 1,000times faster than possible with today's technology, using roughlyhalf the power. But IBM said the advance won't be in products for awhile. Carlisle to purchase Titan Carlisle Cos. agreed to buyQuincy-based Titan International Inc. for about $600 million in stockand assumed debt, becoming the top maker of tires for constructionand farming equipment.