Briefcase

Ford, GM sales slump

The world’s two largest automakers said their U.S. sales declined more than predicted last month as a late summer sales frenzy caused more of an industry backlash than expected.

But the slack in business was not felt uniformly. DaimlerChrysler AG’s Chrysler Group, aided by heavy consumer incentives, said Monday it had an 11 percent sales increase from a soft month a year ago.

The domestic arms of Toyota Motor Corp. and Nissan Motor Co. also reported double-digit sales growth in October on the strength of a variety of new or revamped vehicles.

Economy

Survey: Retailers expect merry holiday season

A survey of Midwest businesses is predicting a strong holiday shopping season for retailers in the region.

The Business Conditions Index for the Mid-America region is projecting the upcoming holiday shopping season to be the best since 1999. Creighton University economist Ernie Goss, who produces the monthly report, said retailers should expect sales growth to double the numbers posted in 2002.

The index also projects continued hiring increases in the region. For Kansas, Goss is predicting the state’s businesses to add jobs for the remaining two months of the year, with most being added in the service sector.

Wall Street

Putnam replaces CEO

The chief executive of Putnam Investments was fired Monday, as the embattled firm sought to stem a multibillion-dollar exodus following regulators’ accusations of improper fund trading as part of an expanding industry inquiry.

The decision to replace Lawrence Lasser came less than a week after federal and Massachusetts regulators accused Putnam of turning a blind-eye to short-term trading practices by some fund managers that violated company policy and penalized long-term shareholders.

Lasser will be replaced by Charles “Ed” Haldeman, co-head of the company’s investments division, who helped stanch investor flight from Delaware Investments a few years ago.