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Metal formers expect business deterioration to continue
According to the November 2008 Precision Metalforming Association (PMA) Business Conditions Report, metal forming companies expect business conditions to continue to deteriorate during the next three months. Conducted monthly, the report is an economic indicator for manufacturing, sampling 157 metal forming companies in the United States and Canada.
When asked what the trend in general economic activity will be during the next three months, metal formers anticipate worsening conditions. Sev... Read more
Miller Electric announces job cuts
Appleton, Wis.-based Miller Electric Mfg. Co. has announced plans to cut 95 jobs, because of the economic downturn and slowing demand for its products. The layoffs represent about 6 percent of the company's 1,500 employees.
According to company spokesperson Vickie Rhiner, most of the job cuts will be in the Appleton area. Between now and early January, 60 office positions and 35 plant jobs will be eliminated. The company, which is owned by Illinois Tool Works, also is offering workers volunta... Read more
Auto dealers to urge Congress to support 'Main Street'
Annette Sykora, chairman of the National Automobile Dealers Association (NADA), will testify at a hearing at 10 a.m. today before the House Financial Services Committee on congressional efforts to help the financial stability of domestic automakers.
Sykora will give committee members a better sense of how the current difficulties in the auto industry play out on 'Main Street.' Her testimony will emphasize the important role that automotive retailing plays in the nation's economy. She will als... Read more
HRB prices plummet 34 percent to 48 percent from peak
The SteelBenchmarker™ world export HRB price for Nov. 10 dropped 10.3 percent to $630 per ton, FOB the port of export, for the seventh consecutive decline. The U.S. HRB spot price dropped 9.9 percent to $798 per metric ton, FOB the mill, for the seventh consecutive decline. The western European HRB price dropped 8.9 percent to $776 per ton, ex-works, for the eighth consecutive drop (on a Euro basis, it dropped 10.9 percent). The Chinese HRB ex-works price dropped 7.4 percent to $378... Read more
September U.S. machine tool demand up from August, down from year ago
In a joint report, the American Machine Tool Distributors' Association and the Association for Manufacturing Technology have announced that U.S. September machine tool demand increased 32.0 percent to $439.51 million from $333.03 million in August.
In the nine months ending in September, demand for machine tools stood at $3.463 billion, up 11.4 percent from $3.109 billion in the same 2007 period.
September demand fell 1.4 percent from the $445.56 million recorded in September 2007. August... Read more
Hiring expectations set four-year lows in November
Employment expectations in the manufacturing and service sectors will maintain a downward trend in November as the economy continues to shed jobs, according
to the Society for Human Resource Management's (SHRM) Leading Indicators of National Employment (LINE) survey. For the third consecutive month, hiring activity in both the manufacturing and service sectors is at the lowest rate in four years.
Both manufacturing and service-sector employment expectations for November are down dramatically... Read more
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