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.
With regard to capital spending, 48 percent of industrial products manufacturers surveyed plan major new investments of capital during the next 12 months, up eight points from the prior quarter’s 40 percent, and on par with a year ago (49 percent). The mean investment as a percentage of total sales was 6.5 percent, higher than the prior quarter’s four percent, and representing the highest level in the past nine quarters.
The federal government shutdown may have seemed like a frustrating squabble in far-off Washington, but it crept into our lives in small, subtle ways — from missed vegetable inspections to inaccessible federal websites.
The world's second-largest economy grew by 7.8 percent over a year earlier in the three months ending in September, boosted by higher government spending, data showed Friday. That was up from a two-decade low of 7.5 percent the previous quarter.
European Commission President Jose Manuel Barroso on Friday said following talks with Canadian Prime Minister Stephen Harper the two sides have reached a "breakthrough in negotiations." He called it "a great agreement for both the European Union and Canada."
ATI Industrial Automation today has announced that it will break ground on a new manufacturing expansion on Friday, October 18. The company says demand for its end-effector products has led to the expansion, which will more than double its robotics tool manufacturing operations to 129,000 square feet. This investment will add more than 200 job in the future.
We’ve heard it time and again: Obamacare will be bad for business. It’s no secret that this fear has catalyzed a Congressional stalemate and contributed to the government shutdown. In fact, both federal and state representatives have introduced bills to defund the program and constrain its scope.
Trident Case today announced plans to move 50 to 75 percent of its manufacturing operations from China to southern California in 2014. To that end, the company had previously acquired a 42,000-square-foot manufacturing facility in Rancho Cucamonga to facilitate the expansion.
Ithaca Gun Company has today announced that it will expand its manufacturing operations in the Myrtle Beach area. The company plans to invest $6.7 million, creating 120 new jobs for machine operators, gunsmiths, engineers and assemblers.
The Federal Reserve Bank of Philadelphia said Thursday that its index of regional manufacturing activity declined to 19.8 in October, down from a September reading of 22.3. Any reading above zero indicates expansion. Despite the decline, manufacturing in the region has grown for five straight months.
President Barack Obama says the government shutdown "inflicted unnecessary damage" to the U.S. economy and damaged America's credibility around the world. Obama spoke from the White House hours after signing legislation to reopen the government following 16 days of a partial shutdown.
Applications for unemployment benefits dropped 15,000 to a seasonally adjusted 358,000 last week, though the figure was distorted for the second straight week by California's efforts to clear backlogged claims.The partial government shutdown also likely boosted the total, as government contractors and other businesses furloughed employees.
Congress on Wednesday moved to deny itself a pay raise. It would mark the sixth consecutive year that lawmakers will have acted to make sure they don't get the annual cost-of-living pay increase they get automatically unless they vote to freeze their pay.
Early Thursday, President Barack Obama signed the measure, which the House and Senate passed late Wednesday, ending a brawl with Republicans who tried to use the must-pass legislation to mount a last-ditch effort to derail the president's landmark health care law and demand concessions on the budget.
The Federal Reserve says economic growth slowed in a few key regions of the United States from September through early October, as businesses grew worried about a budget impasse that led to a partial government shutdown.
Three central Indiana cities that have lost tens of thousands of auto industry jobs have joined together in seeking a $20 million federal grant aimed at helping attract new businesses to their empty factories. Muncie, Anderson and New Castle have each put up $50,000 in matching money to $150,000 of federal funding toward strategy development on the grant proposals.
Senate leaders announced last-minute agreement Wednesday to avert a threatened Treasury default and reopen the government after a partial, 16-day shutdown. Congress raced to pass the measure by day's end. The Dow Jones industrial average soared on the news that the threat of default was fading, flirting with a 200-point gain in morning trading.
In the oil fields of Texas and North Dakota, communities that are enjoying the most prosperous economic boom in a generation are increasingly thinking about the days after the surge in drilling is over.Cities like Midland, Texas, are mindful that the runaway riches will eventually run out.
Billionaire Warren Buffett says it would be idiocy for the nation's leaders to allow the United States to default on its bills. Buffett is a renowned investor who leads the Berkshire Hathaway conglomerate. He appeared Wednesday on CNBC.
The Empire State manufacturing index fell to 1.5 in October from 6.3 in September, the Federal Reserve Bank of New York said Tuesday. Any reading above zero indicates expansion. Despite the decline, manufacturing in the region has grown for five straight months.
A North Carolina-based manufacturer is calling foul today over inflammatory statements Chinese leaders made in U.S. media outlets Monday that demanded an immediate resolution to government debt ceiling discussions while China still owes hundreds of millions of dollars to American-owned businesses.
Senate leaders are closing in on an agreement to reopen the government and forestall an economy-rattling default on U.S. obligations. Majority Leader Harry Reid, D-Nev., and GOP leader Mitch McConnell of Kentucky could seal an agreement on Tuesday, just two days before the Treasury Department says it will run out of borrowing capacity.
Eurostat, the EU's statistics office, said industrial production rose 1 percent. The increase was roughly in line with market expectations and the biggest monthly rise since July 2011. It also recouped July's equivalent decline — summer figures can be volatile given the holiday season.