Economic News
Manufacturing Growth Flat in May in Central-Atlantic Region
May 23, 2006 5:43 am | by Andrea Lyn Van Benschoten | News | CommentsThe Federal Reserve Bank of Richmond released the May Manufacturing Conditions Survey this morning covering activity in the central Atlantic region.
Overall Manufacturing Employment Continues Growth Spur in May
May 23, 2006 3:23 am | by Anita LaFond | News | CommentsDespite strong recruitment efforts, manufacturers still having problems finding skilled workers, according to SHRM report
Big Plans Announced at Toyota
May 22, 2006 5:08 am | by Andrea Lyn Van Benschoten | News | CommentsToyota, on course to overtake General Motors (GM) as the world's biggest automaker, is well behind in the world's fastest-growing market, where GM is thriving; China.
HP to Close Data Centers for $1 Billion Savings
May 17, 2006 3:43 am | by Andrea Lyn Van Benschoten | News | CommentsHewlett-Packard Co. has announced it will consolidate 85 data centers worldwide into six larger centers in the United States.
NAM Welcomes Strong Industrial Production Report
May 17, 2006 3:25 am | by Anita LaFond | News | CommentsGrowth is moving away from housing and consumer spending and in favor of business investment, comments NAM Chief Economist
U.S. Industrial Production Up in April
May 16, 2006 3:36 am | by Rick Carter | News | CommentsU.S. industrial production rose in April, according to government figures released today
Boeing to Settle Federal Contract Scandals
May 15, 2006 4:30 am | by Rick Carter | News | CommentsThe Boeing Co. has agreed to pay $615 million to settle federal investigations into contracting scandals at the company, according to reports in The Wall Street Journal and The Seattle Times.
Yuan Hits Highest Level in 10 Years
May 15, 2006 4:03 am | by Kevin Cronin | News | CommentsThe Associated Press is reporting that China's official exchange rate broke through the psychologically important 8 yuan per dollar level Monday, its highest level in more than a decade, in a move traders said might signal Beijing's willingness to allow its currency to appreciate faster.
Higher Crude Oil and Metals Prices Drive Up Factory Costs, Manufacturing Slows
May 15, 2006 3:12 am | by Nancy Syverson | News | CommentsManufacturing growth in New York state unexpectedly slowed in May as costs of energy and raw materials jumped, a Federal Reserve report showed today.
U.S. April Import Prices Rise 2.1%: Prices for Industrial Supplies Up 0.5%
May 12, 2006 3:09 am | by Anita LaFond | News | CommentsPrices of goods from China fell 0.1% and from Japan declined 0.2%
U.S. Trade Deficit Unexpectedly Improved in March
May 12, 2006 3:04 am | by Len Vermillion | News | CommentsThe U.S. trade deficit unexpectedly declined in March, the Commerce Department reported, marking the first time in two years that there was an improvement in two consecutive months.
China's Currency Issues Continue
May 11, 2006 4:06 am | by Andrea Lyn Van Benschoten | News | CommentsConcerns over the value of China's yuan are continuing to surface amidst this week's Treasury report.
European Economies See Doubled Growth in the First Quarter
May 11, 2006 3:30 am | by Len Vermillion | News | CommentsThe EU's statistic agency said 12 euro-using nations saw economic growth in the first quarter. Many analysts believe the growth suggests that the European Central Bank will raise interest rates.
Another Record for Toyota Profits
May 10, 2006 4:15 am | by Rich Stevancsecz | News | CommentsProfit jumped 39 percent for Toyota in the January-March quarter, as the world’s No. 2 automaker marked its sixth straight record fiscal year of rapidly increasing sales. The company recorded a net profit of 404.1 billion yen ($3.6 billion) in the final quarter of fiscal 2005, which was up 290.7 billion yen in the same quarter of the previous year.
Ford Will Not Shut Plants in 2009
May 10, 2006 3:54 am | by Anita LaFond | News | CommentsAuto manufacturer will close seven plants by 2008 and seven plants between 2010 and 2012; 30,000 jobs will be cut
Survey Expects One More Interest Rate Hike; Steady Rates in 2007
May 8, 2006 3:07 am | by Len Vermillion | News | CommentsA survey of forecasters by the National Association of Business Economics sees only one more interest rate hike through 2007.
Payrolls Grow Smallest Amount Since October
May 5, 2006 9:34 am | News | CommentsNew hiring slowed significantly in April as employers added just 138,000 people to their payrolls, the slowest pace of job growth in six months. The overall unemployment rate held steady at 4.7 percent. The latest snapshot of labor market activity, released by the Labor Department on Friday, also showed a sharp jump in workers' wages, which is sure to raise inflation fears.
International Paper Reports $1.2 Billion 1Q Loss
May 5, 2006 3:05 am | by Rick Carter | News | CommentsThe International Paper Co. reported a first-quarter loss of $1.2 billion yesterday. In a statement, the company said the loss was the result of charges it has taken due to discontinued operations.
US Consumer Spending, Manufacturing Beats Expectations
May 5, 2006 2:48 am | by Andrea Lyn Van Benschoten | News | CommentsU.S. consumer spending and income rose more than expected in March, while the core price index topped economists' expectations, according to the government’s report. In other reports that raised caution about inflation, manufacturing activity climbed in April and construction spending jumped to a record high in March.
Goodyear Reports Increase in Net Income
May 5, 2006 2:47 am | by Andrea Lyn Van Benschoten | News | CommentsGoodyear Tire & Rubber Co. has reported a first-quarter profit of 8.8%, despite an increase in raw-material costs.
Shell's Profit Rises 12%, Production Down 3%
May 4, 2006 7:29 am | by Nancy Syverson | News | CommentsRoyal Dutch Shell Plc and Total SA reported first-quarter profit rose, beating analysts' forecasts, as near-record oil prices compensated for declining production.
BASF Reports Positive Earnings
May 4, 2006 2:52 am | by Andrea Lyn Van Benschoten | News | CommentsASF, the world's largest chemical company by sales, said Thursday earnings before interest, tax and special items rose 19% to $2.36 billion, beating the forecasts in a Reuters poll.
Gas Prices Blamed for Drop in Big-Three April Sales
May 3, 2006 4:27 am | by Rick Carter | News | CommentsDespite a strong U.S. economy, climbing gasoline prices were seen as a big reason behind drops in April sales for the Big Three automakers, particularly in sales of trucks.
Manufacturing in Europe Expands at Fastest Pace in Five Years, Jobless Rate Stuck at 8%
May 2, 2006 7:27 am | by Nancy Syverson | News | CommentsFaster growth is prompting some companies to plow money into factories and new workers although the jobless rate remains at 8%, double the U.S.
Tyson Foods Posts 2nd-Quarter Loss
May 2, 2006 6:10 am | by As reported by By Richard Gibson | News | CommentsTyson Foods Inc. swung to a fiscal second-quarter loss, citing an "overabundance" of meat, but the meat and poultry processor was optimistic its market could strengthen in the current half.
