The latest victims of the government's partial shutdown: policy wonks, politicians and TV talking heads who are losing their monthly opportunity to dissect the jobs report issued by the Bureau of Labor Statistics. It happens the first Friday of the month at 8:30 a.m. Eastern time. Except this Friday.
United Technologies Corp. says it may furlough more than 5,000 workers if the U.S. government shutdown continues into next month. The company said Wednesday that its Sikorsky division, which makes Black Hawk helicopters, would be hit first. It expects nearly 2,000 employees, including those employed at facilities in Connecticut, Florida and Alabama, will be furloughed on Monday.
A Germany-based automotive supplier is planning to build a new production plant in Kentucky. The $120 million facility will be called Bilstein Cold Rolled Steel and will employ 90 workers. The company says it is building the 150,000-square-foot facility to better serve its North American auto industry customers.
Amid the Washington shut down that furloughed nearly a million government workers, the private sector isn't doing much better. U.S. companies added just 166,000 jobs last month, which is fewer than economists had expected. Analysts say the softer numbers have renewed worries on Wall Street.
Berkshire Community College (BCC) today unveiled a new state-of-the-art lab containing advanced manufacturing equipment housed at Taconic High School (THS) that will provide both BCC and high school students with the advanced technical skills needed to succeed in the new manufacturing workplace.
U.S. businesses added just 166,000 jobs in September, only slightly more than the previous two months. The lack of improvement in hiring, along with the threat of a prolonged government shutdown, could help persuade the Federal Reserve to delay scaling back its stimulus.
General Electric says it plans to lay off up to 200 salaried employees at its Schenectady-based Power & Water Division by the end of this year. Local media report that GE officials say the Fairfield, Conn.-based company is eliminating the white-collar positions to remain competitive. Officials wouldn't divulge the exact number of employees to be laid off.
Coroplast Tape Corp. is planning to put its first U.S. production plant in South Carolina, creating 150 jobs. The German company announced Wednesday plans to invest $12 million in a York County Spec Building off Interstate 77. The facility will make a range of adhesive and insulating tapes for the automotive industry.
Hyundai is offering to defer new-car payments for 800,000 workers who have been furloughed due to the partial U.S. government shutdown. The company says workers who buy or lease cars this month won't have to make payments until January. Those who already own a Hyundai financed through the company won't have to make payments until they go back to work.
US factory activity expanded last month at the fastest pace in 2 ½ years, an encouraging sign that manufacturing could lift economic growth and hiring in the coming months. The Institute for Supply Management, a trade group of purchasing managers, said Tuesday that its manufacturing index rose in September to 56.2, the highest since April 2011.
As the government's partial shutdown enters a second day, most companies across the country are doing business as usual. Yet concern is rising that a prolonged shutdown would cause some work at private companies to dry up and consumers to lose faith in the U.S. economy.
China’s overwhelming manufacturing cost advantage over the U.S. is shrinking fast. Within three years, a Boston Consulting Group analysis concludes that rising Chinese wages, higher U.S. productivity, a weaker dollar, and other factors will virtually close the cost gap between the U.S. and China for many goods consumed in North America.
A new study by the Economic Policy Institute finds that a growing trade deficit with China has cost the U.S. billions of dollars in lost wages. In 2011 alone, unbalanced trade with the People’s Republic resulted in lost U.S. wages of $37.0 billion. The EPI study cites 2.7 million U.S. jobs lost between 2001 and 2011 due to the trade gap with China, and over 2.1 million of those jobs were in the manufacturing sector.
American Crystal Sugar will default on a government loan of $71.2 million under a program that provides relief when a glut of sugar on the market depresses prices. David Berg, the company's president and CEO, said that forfeiting the sugar put up as collateral was the best option, given the very low prices that sugar is fetching.
Congress plunged the nation into a partial government shutdown Tuesday as a protracted dispute over President Barack Obama's signature health care law reached a boiling point, forcing some 800,000 federal workers off the job. Obama readied a midday statement to the nation as Democrats and Republicans maintained a blame-each-other duel on Capitol Hill.
The drugmaker Merck said Tuesday that it plans to cut another 8,500 jobs as part of a plan to reduce its annual costs by about $2.5 billion by the end of 2015. In addition, Merck will move its headquarters from Whitehouse Station, N.J., to existing facilities in Kenilworth, N.J.
The eurozone's labor market appears to have stabilized, official figures indicated Tuesday, another sign that the eurozone economy is recovering from its longest-ever recession. Though Eurostat, the EU's statistics office, said the unemployment rate across the 17-member eurozone held steady at 12 percent in August, it found the number of people out of work fell for the third month running.
Virtually all analysts agree that, yes, many American manufacturers have been successful in bringing some previously lost business back home. But it’s happening at a slower pace than the industry had hoped. According to Henry Moser, the founder of the national Reshoring Initiative, the actual rate of reshoring is somewhere between a trickle and torrent.
Under French law, Sunday is a mandatory day off to help ensure rest and the quality of life, although some retailers in tourist areas or special commercial zones can get exemptions. Critics say the protections go too far, crimping modern lifestyles and putting France at a competitive disadvantage.
The world is aging so fast that most countries are not prepared to support their swelling numbers of elderly people, according to a global study going out Tuesday by the United Nations and an elder rights group. The report ranks the social and economic well-being of elders in 91 countries, with Sweden coming out on top and Afghanistan at the bottom.
The sequester and forced budget cuts have been squeezing budgets and sending home federal workers all year. Now, October is a key month as the federal government has been unable to pass a budget or raise the debt ceiling. The consequences of failing to do either could be damaging to the economy.
A National Transportation Safety Board report blames shoddy workmanship for an in-flight tear in the roof of a Southwest Airlines plane in 2011. The Boeing 737-300 was en route from Phoenix to Sacramento, Calif., on April 1, 2011, when a 5-foot-long gash opened in the fuselage.
Union workers at Oshkosh Corp. have given the company what it says it needs to make a competitive bid on a military contract worth billions of dollars. United Auto Workers Local 578 voted Sunday to extend the contract five years after it expires in 2016. The extension protects more than 2,500 jobs at the Fox Valley's largest manufacturer.
A 49-year-old potato chip plant built by Humpty Dumpty and now owned by Old Dutch was set to close Friday — affecting 216 workers in the Montreal area. Its U.S.-based company announced in May the plant had "reached the end of its economic life" and would close after Old Dutch failed to get a $20-million to $25-million subsidy from the Quebec government to renovate the plant.
Chrysler is bringing back about 500 idled workers faster than expected after temporary layoffs from a northwest Ohio plant that produces the new Jeep Cherokee. Transmission reprogramming and extra test-driving delayed shipment of the vehicles, and inventory from the Toledo facility had accumulated, so some second-shift workers were idled earlier this week.