Employees now own label-materials maker

In brief

Spinnaker Coating LLC, a Troy-based manufacturer of adhesive label materials, said it has become an employee-owned S corporation.

In the transaction, prior investors sold all ownership interests to a newly created Employee Stock Ownership Trust, allowing current and future employees to gain an ownership interest in the company without a personal investment, the company said.

Louis Guzzetti Jr., Spinnaker chairman and chief executive, will continue as CEO, the company said. The company has about 250 employee-owners.

Spinnaker makes adhesive-coated paper and film material for conversion by printers and industrial users into labels and decorative materials.

January sees requests for unemployment fall

WASHINGTON — The number of people seeking unemployment benefits fell last week to a level that signaled a steadily improving job market. The figures came one day before the government is expected to report that January marked another solid month for hiring.

Unemployment applications fell 12,000 to a seasonally adjusted 367,000, the Labor Department said Thursday. The four-week average, a less volatile measure, dropped for the third straight week to 375,750.

That’s the second-lowest level for the four-week average since June 2008. When applications stay consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate.

Rate for 30-year home loans drop to new low

WASHINGTON — The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market remains depressed.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.87 percent this week. That is below the previous record of 3.88 hit two weeks ago.