A watchdog says the U.S. government expects to lose $9.7 billion on its bailout of General Motors. The government spent $49.5 billion to save GM five years ago. The Special Inspector General for the Troubled Asset Relief Program says the government has recovered $34.5 billion. That leaves $15 billion.
A group of 22 U.S. senators has come together to launch a campaign to get Washington to refocus on manufacturing jobs. The Manufacturing Jobs for America initiative aims to build bipartisan support for legislation that will modernize America’s manufacturing sector, help American manufacturers grow and create jobs, and assist American workers in getting the skills to succeed in the next generation of manufacturing jobs.
Americans' confidence in the economy fell this month to the lowest level since April, as many worried about the impact of a 16-day partial government shutdown. The decline could weigh on spending and economic growth.
A big decline in food costs helped hold down wholesale prices in September, contributing to a 0.1 percent decline, the first drop since April. The Labor Department says the slight dip followed a 0.3 percent rise in prices in August. Wholesale food prices fell 1 percent, led by a plunge in vegetable prices.
Testifying on the fourth day of a trial to determine whether Detroit is eligible to fix its finances in bankruptcy court, emergency manager Kevyn Orr said he received a couple of counter-proposals from creditors, but none from unions or retirees before filing for bankruptcy protection in July.
Global shifts in costs, processes and consumer purchasing habits put the U.S. in a position to revitalizing its manufacturing sector and enhance businesses and industry at home. The only thing missing is enough skilled workers to maintain the momentum.
3D Systems (NYSE:DDD) announced today its plan to invest $10 million into its Rock Hill, S.C., manufacturing operations, which will create 145 new jobs. Local officials applauded the announcement, saying the company has a history of creating high quality and high-paying jobs that utilize many of the latest in manufacturing technologies.
U.S. factories barely boosted their output in September, adding to other signs that the economy was slowing even before the government shutdown began on Oct. 1. The Federal Reserve says manufacturing production rose only 0.1 percent. That's down from a 0.5 percent gain in August, which was slightly lower than previously reported.
In its half-yearly report into the M&A sector, consulting firm Ernst & Young said it expects both the volume and size of deals to improve over the coming year, with 35 percent of companies surveyed likely to pursue acquisitions compared with just 25 percent a year ago.
Republican Gov. John Kasich is facing criticism over the indefinite shuttering of Ormet Corp., an aluminum smelting giant along the Ohio River and the onetime largest customer of American Electric Power. About 1,000 workers — mostly unionized steelworkers — are out of work.
U.S. consumer confidence fell in October as concern grew that the partial government shutdown and political fight over the nation's borrowing limit would slow growth.The University of Michigan said Friday that its index of consumer sentiment fell to 73.2 from 77.5 in September.
U.S. wholesalers boosted their stockpiles in August by the most in seven months, a positive sign that many companies expected demand to rise. The Commerce Department says wholesale inventories rose 0.5 percent in August, the biggest gain since January. Sales also rose, climbing 0.6 percent, the fourth gain in five months.
A jump in demand for commercial airplanes boosted orders for long-lasting U.S. factory goods last month. But orders for most other goods fell as businesses cut spending, a possible sign of concern about the partial government shutdown that began Oct. 1.
NERA Economic Consulting’s update of a report commissioned by Manufacturers Alliance for Productivity and Innovation (MAPI) shows that manufacturing regulatory costs increased an average of 7.6 percent per year since 1998 compared with average growth of 0.4 percent for manufacturing output.
The number of people seeking U.S. unemployment benefits dropped 12,000 to a seasonally adjusted 350,000 last week, though the total was elevated for the third straight week by technical problems in California. The Labor Department said Thursday that the less volatile four-week average jumped by nearly 11,000 to 348,250.
The U.S. trade deficit widened only slightly in August, dragged lower by a modest decline in exports. U.S. farmers sold fewer agricultural products overseas, offsetting the best month of sales for American-made cars on record.The trade deficit grew 0.4 percent in August to $38.8 billion, the Commerce Department reported Thursday.
The report released Thursday follows Chinese data earlier this month that showed quarterly economic growth rose to 7.8 percent after hitting a two-decade low in the second quarter, easing pressure for further stimulus and allowing leaders to focus on reforms.
The city of Detroit will present a "mountain of evidence" to show that its perilous finances qualify for a turnaround in bankruptcy court, an attorney said Wednesday as a judge opened an extraordinary trial to determine if the largest public filing in U.S. history will go forward.
The uncertainty and weakness that hung over the U.S. job market in September before the government shut down aren't going away. Employers will likely remain slow to hire as long as the economy struggles to accelerate, consumers limit their spending and Congress keeps putting off a resolution to a budget fight that will resurface early next year.
The U.S. economy added just 148,000 jobs in September, suggesting that employers held back on hiring before a 16-day partial government shutdown began Oct. 1.Still, hiring last month was enough to lower the unemployment rate. The Labor Department said Tuesday that the rate fell to 7.2 percent from 7.3 percent in August.
Eighty-two percent of Georgia manufacturers are not taking advantage of the R&D Tax Credit, according to the 2012 Georgia Manufacturing Survey, conducted by Habif, Arogeti & Wynne, LLP, the Georgia Institute of Technology and Kennesaw State University.
Overall, confidence in the equipment finance market is 54.0, a decline from the September index of 61.3, demonstrating the negative impact of the federal government’s budget response on an otherwise steady industry outlook. 33.3 percent of the executives reported they expect to hire more employees over the next four months, a decrease from 36.4 percent in September.
Convincing top executives that Detroit is a comeback city where they should hold company meetings and conventions could only be characterized as the most monumental of pitches or the slickest of con jobs.But Bill Bohde, senior vice president for sales and marketing at the Detroit Metro Convention & Visitors Bureau, is plowing ahead with a $1.6 million marketing campaign.
Despite uncertainty in Washington and rising oil prices and interest rates, companies are upbeat on the prospects for economic growth in the next year, according to a quarterly survey of business economists.But economists surveyed by the National Association for Business Economics weren't as optimistic about hiring, according to the survey released Monday.
President Barack Obama on Wednesday signed into law a plan that ended a partial 16-day government shutdown and raised the nation's debt limit until early next year. But the measure, which comes a couple weeks ahead of the holiday shopping season, only temporarily averts a potential default on U.S. debt that could send the nation into a recession.