Romney and Obama prominently collided during the campaign over the fate of the tax credit. Romney has called for its expiration, while Obama supports its renewal. Amid the gridlock, Vestas has closed offices and laid off hundreds of U.S. workers. Wind businesses from South Carolina to Washington state also have cut jobs.
Shares of Tesla Motors Inc. rose more than 3 percent in early trading Monday as the electric vehicle maker said it was now making enough cars to generate positive operating cash flow. But the Palo Alto, Calif., company's third-quarter net loss grew almost 70 percent, to $110.8 million, or $1.05 per share, compared with a loss of $65.1 million, or 63 cents per share, a year earlier.
The public feels that American leadership is off-course in improving manufacturing competitiveness and that the national economy is weak and fragile, according to a new survey from Deloitte and The Manufacturing Institute. The survey found that Americans have a jaundiced view of the nation’s overall economic health, with 59 percent indicating that the economy has “not improved or gotten better” in recent years.
U.S. companies boosted their orders for manufactured goods by the largest amount in 18 months in September, but companies remained cautious in ordering goods that signal plans to expand and modernize. Factory orders rose 4.8 percent in September compared to August, a month when orders had fallen 5.1 percent, the Commerce Department said Friday.
Toyota Motor Corp. said Thursday its sales in China nearly halved again in October, for the second consecutive month, compared with the same month a year earlier, amid a Sino-Japanese territorial row. Toyota, Japan's No. 1 automaker, said its October sales in China plunged 44.1 percent to 45,600 units. In September, its sales in the world's largest auto market nosedived 48.9 percent to 44,100 units.
The price of copper is higher after manufacturing expanded in the world's two largest economies and Americans spent more money on big-ticket items like automobiles. It was the second consecutive month of growth for U.S. manufacturing, suggesting the sector should continue to expand based on increased consumer spending.
U.S. manufacturing expanded for the second straight month in October, boosted by growth in new orders and production. The Institute for Supply Management said Thursday that its index of factory activity rose last month to 51.7, up from September's reading of 51.5. A reading above 50 indicates expansion.
Automakers in Canada had their best October ever, pushing industry sales up nearly seven per cent from a year ago and putting sales on track for what could be a record year. Overall vehicle sales in Canada rose 7.8 per cent year-over-year last month to 135,476, compared with 125,680 in October 2011, according to DesRosiers Automotive Consultants.
China's manufacturing improved in October, adding to signs the world's second-largest economy might be recovering from its deepest slump since the 2008 global crisis, two business surveys showed Thursday. The Chinese numbers are rare good news for the world economy, which has slowed as Europe's chronic debt crisis worsened and the American economy stagnated.
Widespread power outages and subway shutdowns may wind up making Superstorm Sandy the second most expensive storm in U.S. history, according to the forecasting firm Eqecat. That would rank it right behind Hurricane Katrina. Eqecat said Thursday that the damage from the storm will likely be far worse than it previously predicted, largely a result of Sandy hitting the most densely populated area in the country.
Today’s trend of Midwest manufacturing declining is due to a triple hit: a Chinese ordering slowdown, a languishing European economy, and the domestic U.S. fiscal direction being up in the air with the presidential election. As a result, it’s no surprise that the ability to sell and grow the movement of manufactured goods is suffering, especially on international markets.
Most major automakers reported sales increases in October despite losing at least three days of business to the punishing rain and wind from Superstorm Sandy. Toyota said its sales rose almost 16 percent for the month, while Volkswagen reported another strong month with sales up 22 percent. Chrysler sales rose 10 percent, General Motors was up 5 percent and Ford rose slightly.
Chrysler had its best October in five years as sales for the month rose 10 percent despite Superstorm Sandy washing out three days of business on the East Coast. The company said Thursday that it sold 126,000 cars and trucks for the month, led by the Ram pickup, which was up 20 percent, and the Dodge Caravan minivan, which saw sales rise 49 percent.
Fiat Industrial SpA, the Italian maker of trucks, farming and construction equipment, reported a 30 percent increase in third-quarter earnings Wednesday on "robust" sales of tractors and farm combines. Net profit was €260 million ($337 million) in the quarter ending Sept. 30, up from €182 million last year. Revenues were €6.3 billion ($8.2 billion).
Mazda Motor Corp. says it has shaken off a long spell of losses, turning a 12.2 billion yen ($153.3 million) profit in the July-September quarter, though it revised downward its sales forecast for the year. The Hiroshima-based automaker's profit for the quarter compared with a 14.4 billion yen loss a year earlier. Mazda said its net profit for the first half of the fiscal year was 5.7 billion yen ($71.6 million).
Unemployment rates fell in nearly all large U.S. cities in September from August, a sign that recent jobs gains have been widespread. The Labor Department said Tuesday that rates declined in 355 of the 372 metro areas, the most since April. The report also shows that nearly half of cities now have unemployment rates below 7 percent.
A turnaround in South America and a rosier outlook in Europe helped push General Motors shares up in premarket trading Wednesday, even though the company's third-quarter net profit fell 14 percent. GM said it earned $1.48 billion from July through September, down from $1.73 billion a year earlier, as European pretax losses widened and North American profits fell.
Auto parts and building equipment maker Johnson Controls Inc. said Tuesday that it posted an $8 million fiscal fourth-quarter loss, hurt by costs of restructuring its business and a change in how it accounts for retirees' benefits. Johnson Controls said it expects softening global demand and changes in currency exchange rates will continue to limit its growth this year.
U.S Steel doubled its third-quarter net income as a tax benefit helped balance pressure from price decreases and a challenging global economy. The manufacturer said Tuesday that it earned $44 million, or 28 cents per share, in the quarter that ended Sept. 30. That compares with $22 million, or 15 cents per share, a year ago.
Airlines have canceled thousands of flights, stranding travelers around the globe. Insurers are bracing for possible damages of $5 billion. Retailers face shrunken sales. The economic impact could be more severe if the storm damages a port or a major manufacturing facility such as an oil refinery, Zandi noted.
Ford's third-quarter profit eased 1 percent to $1.63 billion as European losses swamped record North American profits. Ford Motor Co. said Tuesday its per-share net income was 41 cents, unchanged from the July-September period a year earlier. Before special items, including severance payouts, it earned 40 cents, beating Wall Street's forecast of 30 cents, according to analysts polled by FactSet.
Ro Khanna spent two years as deputy assistant secretary of the U.S. Department of Commerce, where he worked with the country’s most influential labor leaders to rebuild the nation’s manufacturing sector and increase America’s exports. He recently discussed what manufacturers can learn from the aerospace industry, why Solyndra is not a U.S. solar manufacturing failure, and what he sees for the future of American manufacturing.
Strong U.S. sales powered Chrysler to a healthy third-quarter profit. The company reported net income of $381 million, up 80 percent from $212 million a year earlier. The profit was due mainly to a 13-percent sales increase in the U.S., where Chrysler does three quarters of its business. The company sold nearly 417,000 cars and trucks in the U.S. under the Jeep, Dodge, Ram and Chrysler brands.
Honda's quarterly profit surged 36 percent as Japanese automakers bounced back from last year's tsunami disaster in northeastern Japan, but the company lowered its annual forecasts Monday because of a sales plunge in China. Honda Motor Co. raked in an 82.2 billion yen ($1 billion) net profit for the July-September quarter. Sales jumped 20 percent to 2.27 trillion yen.
Toyota is shrugging off a sales plunge in China set off by a territorial dispute and says it is headed to a record year on the back of strong growth in the rest of Asia and the U.S. Toyota Motor Corp. Executive VP Funo acknowledged that achieving the company's target of 9.76M vehicle sales this year will be harder because of the problems in China.