Ford plant in Norfolk shuts down – Final F-150 rolled off assembly line Thursday

Plant managers purchased the truck, which then was won in a lottery by worker Corey Bauswell of Portsmouth. He drove it out about 8:20 a.m.

The plant employed more than 2,300 workers one year ago, but Ford said in October that it would cut staffing in half by early this year. The factory was originally scheduled to close in 2008, but the shutdown date was moved up to before the third quarter, which starts July 1.

Chris Kimmons, president of United Auto Workers Local 919, said he hadn’t initially intended to be in Norfolk for the plant’s last day of operations.

But he showed up at the union hall to be ‘with the guys,’ he told The Virginian-Pilot of Norfolk.

‘You don’t want to go, but you know you’ve got to be there,’ Kimmons said.

The plant’s manufacturing jobs ranked among some of the best in Hampton Roads, paying an average of $28 an hour.

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WASHINGTON (AP) ‘ The Federal Reserve held interest rates steady Thursday, extending a yearlong breather for borrowers. Although policymakers observed improvements on inflation, they made clear they were not ready to declare victory on that front.

Wrapping up a two-day meeting, Fed Chairman Ben Bernanke and his central bank colleagues left an important interest rate at 5.25 percent, the same as it was last June. The decision was unanimous.

The Fed’s decision means that commercial banks’ prime interest rates ‘ for certain credit cards, home equity lines of credit and other loans ‘ should stay at 8.25 percent.