January 30, 2001

December unemployment rate was 4 percent, only tenth of percentage point above its lowest level in 30 years, even as announcements of layoffs reached their highest level in seven years; apparent contradiction reflects nothing more than timing; low unemployment rate gives picture of where economy has been, not where it is going; number can distort reality during turning points in economic cycle; as announced layoffs take effect, unemployment rate will start rising, perhaps as soon as Feb 2, when government releases next jobs report (M)

Giacinto Auriti has deposed Italian central bank from its money-printing monopoly by printing and distributing local currency in Guardiagrele called the simec beginning in summer of 2000; Auriti believed about 2 billion simecs, worth $1.9 million at Auriti's exchange rate, were in circulation by mid-August; currency's rapid spread unsettled local officials, who ordered financial police to impound simecs in circulation; court in Chieti soon restored them, arguing that Italian law proscribed counterfeiting national currency, but not printing money of one's own; Auriti estimates that about 700 million simecs are in circulation; photos (M)

Joseph G Rampe, Orange County, NY, executive earmarks $150,000 from budget to study role of sheriff in old-style rural community that is evolving into bedroom community to New York City; move follows lawsuit by state attorney general accusing deputy sheriffs of wrongdoing under pretext of benefitting Orange County Sheriff's Department; lawsuit, which seeks fines as well as recouping of about $117,000 in missing money, also alleges that Sheriff H Frank Bigger, county's top elected law enforcement official, either knew or should have known about abuses; Rampe's study presents threat to office that in much of New York State is part throwback to days of English settlers; map; photos (M)

Huntingdon Life Sciences, embattled British drugs-testing company that has run afoul of animals-rights protesters, discloses that it was Stephens Group that bailed company out as it faced demands from Royal Bank of Scotland for repayment of $33 million loan; animal rights protesters say they will carry their campaign to Stephens Group (S)

Butch Davis resigns as head coach at University of Miami to become head coach of Cleveland Browns; photo (M)