Investors eased into the holiday weekend today by absorbing some encouraging economic data ahead of Black Friday for retailers.
Consumer spending increased in October by 0.7 percent, as incomes rose and inflation remained low. Personal income rose by 0.2 percent for the second consecutive month.
In the housing market, new-home sales unexpectedly climbed 6.2 percent to a seasonally adjusted annual rate of 430,000 in October, according to the U.S. Department of Commerce.
Freddie Mac reported today that the average rates for 30-year fixed mortgages have matched a record low of 4.78 percent this week.
Meanwhile, initial claims for jobless benefits declined by 35,000 to 466,000 in the most recent week, according to the U.S. Department of Labor.
The positive numbers inspired modest gains on Wall Street the morning. The largest local advancers in the BizTimes Stock Index this morning were Bucyrus International Inc. (up $2.31 to $53.98), Joy Global Inc. (up $1.74 to $55.20) and Kohl’s Corp. (up $1.24 to $55.05). The largest local decliners this morning were Weyco Group Inc. (down 41 cents to $23.06) and Rockwell Automation Inc. (down 31 cents to $44.30).

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Generac Power Systems Inc., a Waukesha-based manufacturer of residential and commercial standby generators, today introduced a new Hybrid Electrical System for recreational vehicles (RVs).
According to Generac, as today’s motor coaches have all the bells and whistles and comforts of the home, they are using far more energy than ever before. The appliances and accessories that need to be powered are increasingly more sophisticated and advanced and need a dependable, clean power source.
Generac has partnered with Magnum Energy and Precision Circuits Inc. to introduce the first Hybrid Electrical System to deliver all the power needed for large RVs without having to install a larger, more costly generator.
“For more than 50 years, Generac has garnered considerable expertise in producing small engines, providing innovative and value-driven generator products for the residential, commercial and RV industries. Generac’s staff of talented engineers is responsible for creating this opportunity to expand the company’s RV product offerings, developing a cutting-edge system to answer consumer needs for a better power solution on the road,” said Bill Slavik, director of RV OEM, Generac. “This new power management system allows consumers to now have all the comforts of home without the increased energy costs.”
According to Slavik, the new Hybrid Electrical System can save up to $3,000 on the cost of a larger generator and weighs 270 pounds less - thus, increasing fuel savings and lowering emissions. The smart power management system begins to supply power to the coach one circuit at a time - keeping all startup spikes in energy to a minimum. This allows the system and the Generac generator to run up to three separate air conditioners at one time. If peak demand exceeds the output of the generator, the inverter turns on and supplements the power. If the battery voltage drops too low, the Hybrid Electrical System will begin to shed non-critical loads until a balance is maintained. Once the peak demand is over, the system begins to return service to the preselected loads supplying seamless, clean power.
Generac also announced it has formed a strategic partnership with Fiat Powertrain Technologies (FPT), one of the most significant global players in the powertrain sector.
Beginning in 2010, FPT will supply Generac with a wide range of industrial diesel engines for use in gensets with outputs ranging from 60 to 350 kilowatts. The FPT engines are state-of-the-art designs that will help increase productivity and greatly reduce engine operating costs.
The engines require 37 percent less oil and feature best-in-class 600-hour oil and filter change intervals.
"FPT engines have many superior technology and performance advantages that Generac seeks to utilize in its gensets," said Allen Gillette, senior vice president of engineering at Generac. "Using FPT engines will enable us to offer our customers superior products and technology. In addition, as FPT products are developed to reduce engine emissions while improving fuel consumption, they will aid Generac in continuing to meet the new exhaust emissions standards required by the U.S. Environmental Protection Agency (EPA), and providing the most innovative engine technologies on the market today."

Summerfest will make a significant change in its operations in 2010 by not contracting out its beer vending service to Major Goolsby’s, according to a report by OnMilwaukee.com.
Major Goolsby's has run the beer concession at the festival grounds for the past five years.
Sources close to the situation said Summerfest has decided to take the beer vending business in-house and will hire the nearly 1,000 bartenders, beer haulers and stand managers necessary to keep the suds flowing, according to OnMilwaukee.com, a media partner of BizTimes Milwaukee.
Neither Summerfest president Don Smiley nor Tracy Spoerl, director of concessions for Milwaukee World Festival Inc., were available for comment.

Stein Gardens and Gifts, a Milwaukee-based retailer specializing in lawn and garden, home decor, and giftware, has hired Mark Birmingham as chief executive officer.
Birmingham has more than 15 years of retail and consumer products management experience. Birmingham most recently served as president and CEO at Allen Edmonds Shoe Corp. in Port Washington. He holds a bachelor’s degree from the University of Wisconsin-Madison and a master’s degree in business administration from the University of Wisconsin-Milwaukee.
"We are very pleased to have Mark join our growing organization," said Jack Stein, chairman and owner of Stein Gardens and Gifts. "Mark’s strong retail and consumer products background make him a perfect fit for our organization. He has a successful track record of creating positive change. Mark will lead our team in positioning Steins for the future while maintaining the core values of our company rooted in over 60 years of family ownership."
"I am excited to join such a tremendous Wisconsin company," Birmingham said. “The Stein family has built an organization that cares deeply about the customer, its coworkers, and the community. I am proud to lead its continued growth and organizational development."
Founded in 1946, Stein Gardens and Gifts is the largest independent garden center in the Midwest.

Rosendale Dairy, the state’s largest dairy farm, wants to double its size to 8,000 cows. The farm is located in the Winnebago County town of Pickett. Some citizens are concerned about odors and manure spreading from the large farm. Read more in BizTimes Milwaukee's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

Executives with Milwaukee-based developer New Land Enterprises LLP and Department of City Development Commissioner Richard “Rocky” Marcoux will meet today with Department of Housing and Urban Development (HUD) officials to appeal the preliminary decision by HUD officials against providing a loan guarantee for New Land’s Bookends North development. Read more in the new edition of the BizTimes Real Estate Weekly bulletin.

Accountant Mike Burzynski has some last-minute tax advice for employers, but you best act quickly with a Monday deadline looming. Read more in today’s Milwaukee Biz Blog.

Need a holiday pickup as Thanksgiving Day approaches? Take a moment to learn about the dreams and aspirations of the next generation in a special edition of the Milwaukee Biz Blog by BizTimes executive editor Steve Jagler. BizTimes Milwaukee wishes all of its readers a happy and peaceful Thanksgiving!

RedPrairie Holding Inc. announced late Wednesday night that it has filed a registration statement with the U.S. Securities and Exchange Commission to initiate a proposed initial public offering of its common stock.
RedPrairie, which is based in the Town of Brookfield, provides a platform of productivity solutions designed to enable manufacturers, distributors and retailers to synchronize and optimize the management of workforce, inventory and transportation.
The proposed public offering is expected to consist of common stock to be offered by RedPrairie and certain of its stockholders. The portion of the shares to be offered by RedPrairie has yet to be determined. The underwriters will have an option to purchase additional shares of common
stock to cover overallotments.
BofA Merrill Lynch and Credit Suisse Securities (USA) LLC will act as joint bookrunning managers of the offering. Oppenheimer & Co. and Needham & Company will be acting as co-managers.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.