Boise-based memory chip maker Micron Technology Inc. has reported a $275 million loss in the company's first quarter — the sixth straight period of financial losses for the company. Company executives on Thursday attributed the loss during the first quarter of fiscal 2013 to declining sales volumes and prices.
Japan's top three automakers saw double-digit falls in their auto production in China on the year in November, hit by flagging sales there amid strained relations between the two countries, their data showed Friday. Toyota Motor Corp.'s production in the country dropped 38.7 percent from a year earlier to 50,528 units, but the decline narrowed compared with last month's 61.1 percent fall.
U.S. companies boosted their orders in November for long-lasting manufactured goods that reflect investment plans. It was the second straight such increase, an encouraging sign for the economy. The Commerce Department said Friday that overall orders for durable goods rose a seasonally adjusted 0.7 percent in November over October.
Economic growth in the United States will continue in 2013, say the nation’s purchasing and supply management executives in their December 2012 Semiannual Economic Forecast. Expectations are for a continuation of the economic recovery that began in mid-2009, as indicated in the monthly ISM Report On Business®.
Wind energy advocates are pushing for the credit renewal. The American Wind Energy Association, quoting a study by Navigant Consulting, said a new U.S. manufacturing sector and 37,000 jobs could be lost by the first quarter of 2013 if Congress fails to act.
Moody's Investor Service said Tuesday that it may downgrade Alcoa Inc. because of a nearly 22 percent drop in aluminum prices in the past year. That could put the company's credit ratings in junk territory. The ratings agency pegs Alcoa's senior unsecured rating at "Baa3," the lowest investment-grade rating. Its review affects about $8.6 billion of debt.
GM shares jumped 9 percent in premarket trading on news that it will shed the stigma of being partly owned by the government within the next 15 months. The automaker will buy back 200 million shares of its stock from the U.S. Treasury for $27.50 apiece, or $5.5 billion. And the government, in turn, plans to sell its 300 million shares on the open market starting in January, and be completely removed by early 2014 or sooner.
The FMA can’t predict how many conveyors are going to be sold in 2013, but we can talk about capital expenditures for the metal forming and fabricating machine tools used to produce equipment essential to the food industry. The good news is that investments are increasing across the board. That translates to more efficient production of the equipment that creates efficiencies for food production.
Industrial metals prices fell Monday after manufacturing slowed in the New York area this month, reflecting a sluggish trend across the nation. Copper, silver, platinum and palladium each fell less than 1 percent. The Federal Reserve's Empire State Manufacturing Survey found that general business conditions declined in December for a fifth consecutive month.
GT Advanced Technologies Inc.'s shares sank Tuesday after the solar manufacturing company said tough market conditions will weigh heavily on its fourth-quarter and annual earnings. And next year doesn't look any better. The Nashua, N.H., company expects a loss of 5 to 10 cents per share on an adjusted basis for the quarter ending Dec. 31.
Apple said Monday that it sold more than 2 million iPhone 5s in China in their first three days of availability, setting a record for that market. The iPhone 5, which launched in China on Friday, will be available in more than 100 countries by the end of December.
There is a lot of buzz about the manufacturing industry and where it seems to be headed in the future. One source says that the skills gap is so great that growth is impossible. Another says that manufacturing’s comeback is not so very far off in the future. Manufacturers wish they could just know the answers so they can make the decisions to drive their business into the next year and beyond.
Japanese manufacturers are growing increasingly pessimistic, according to a survey released Friday that added to gloom over the economic outlook ahead of Sunday's parliamentary election. The Bank of Japan's "tankan" index for the December quarter slumped to minus 12 from minus 3 in the previous quarter, a result that was much worse than expected. A reading below zero means pessimistic views outnumber optimists.
China's manufacturing activity rose to a 14-month high in December, adding to signs the world's second-largest economy is recovering, but export orders weakened, a survey showed Friday. HSBC Corp. said the preliminary version of its monthly purchasing managers' index rose to 50.9 on a 100-point scale on which numbers above 50 represent expanding activity. That was up from November's 50.5.
U.S. factories rebounded in November from Superstorm Sandy, boosting production of cars, equipment and appliances. The Federal Reserve said Friday that factory output increased 1.1 percent in November from October. That offset a 1 percent decline in the previous, which was blamed on the storm.
Volkswagen AG says group sales through the first 11 months of 2012 have already surpassed last year's record full-year result as deliveries outside western Europe more than offset declines in the debt-troubled region. Europe's largest automaker said Friday it sold 8.29 million vehicles from January through November, up 10.4 percent over the same period last year.
The number of Americans seeking unemployment benefits fell sharply for a fourth straight week, a sign that the job market may be improving. The Labor Department said Thursday that weekly applications for unemployment benefits fell 29,000 last week to a seasonally adjusted 343,000, the lowest in two months. It is the second-lowest total this year.
It's the scenario that's been spooking employers and investors and slowing the U.S. economy: Congress and the White House fail to strike a budget deal by New Year's Day. Their stalemate triggers sharp tax increases and spending cuts. Those measures shrink consumer spending, stifle job growth, topple stock prices and push the economy off a "fiscal cliff" and into recession.
A survey of U.S. chief executives shows the number of large companies that plan to add jobs or hire more workers is essentially unchanged versus three months ago, although fewer expect hiring to decrease. The Business Roundtable said Wednesday that 29 percent of its member CEOs plan to increase hiring over the next six months, the same as in September when the group released its previous quarterly survey.
Shares of JinkoSolar jumped 21 percent Wednesday after the company received a contract from WBHO-Building Energy Ltd. to supply 81 megawatts of solar modules for a power project in South Africa. JinkoSolar will deliver a total of 344,540 photovoltaic solar panels for the project, which is expected to generate about 146 gigawatt hour of power equivalent.
German sports car maker Porsche AG says it has already broken last year's record sales number with one month left in 2012. The company, which is now owned by Volkswagen, said Wednesday it delivered 128,978 vehicles through November, more than the total of 118,868 it sold in all of 2011 — at the time a new record.
Industrial production in India soared 8.2 percent in October, a sharp spike for Asia's third largest economy but industry viewed the data with some caution. The data from India's Central Statistics Office on Wednesday showed that manufacturing rose 9.6 percent and electricity output increased 5.5 percent from the year before.
U.S. wholesale businesses increased their stockpiles in October but their sales fell sharply, a mixed sign for economic growth. The Commerce Department said Tuesday that stockpiles grew 0.6 percent in October. That's slower than September's 1.1 percent increase, which was the biggest gain in nine months. Sales in October fell 1.2 percent, after rising 1.9 percent in September.
The U.S. trade deficit increased in October because exports fell by a larger margin than imports, a sign that slower global growth could weigh on the U.S. economy. The Commerce Department said Tuesday that the trade deficit grew 4.8 percent in October from September to $42.2 billion. Exports dropped 3.6 percent to $180.5 billion. Sales of commercial aircraft, autos and farm products all declined.
After years of battling each other on trade issues, U.S. and European officials are contemplating a dramatic change in direction: joining together in what could be the world's largest free trade pact in an attempt to boost their struggling economies.