Manufacturing mired in recession in UK and US ... Boeing hurting after one month of strike
Britain's manufacturing sector shrank in September at the fastest rate since records began.levels of output, new orders and employment registered unprecedented declines.
The figures come a day after the Office of National Statistics confirmed that the UK economy failed to grow in the second quarter.
They reinforce expectations that Britain has entered its first recession since the early 1990s and boost expectations that interest rates could be cut as soon as next week.
Meanwhile in the US,t he ISM's index of factory activity fell to 43.5 in September, compared with 49.9 in August and 50.0 in July. A reading below 50 indicates contracting economic activity; September's is the lowest since Oct. 2001.
The index "indicates a significantly faster rate of decline in manufacturing during September, marking a departure from the 2008 trend toward negligible growth or contraction each month," ISM said. Price inflation also slowed, to just 53.5 vs. 77 in August and 88.5 in July.
Machinists at Boeings's Everett, Washington factory have been on strike for nearly a month, extending seemingly endless delays on the 787--and on the three 777s Virgin Australia ordered for its first flights.
The new carrier, an offshoot of Virgin Blue, will now move its launch date back from December 15 to February 28, 2009 and hope that its planes are ready by then.
4 comments:
"Workers are angered over the company’s wage proposals—11 percent over three years, even as inflation is rising 6 percent annually—and the company’s demands that workers pay greater out-of-pocket medical expenses. Boeing earned a record $4.1 billion in profits last year and paid its top CEO $14.7 million."
"Workers are also opposed to the company’s plans to further outsource jobs and drive down wages and benefits by forcing workers to compete with lower-paid outside contractors, some of whom are working side by side with union workers inside the plants."...
http://tinyurl.com/3p6m7q
I will have to remember this one.
"Feeding The Homeless"...
http://tinyurl.com/3mppzs
"St. Petersburg Police cutting up homeless tents"...
http://tinyurl.com/42qffr
"Ghost Town"...
http://tinyurl.com/4cv3gn
"The Federal Reserve Corporation"
"Congressman McFadden (excerpted from a speech he delivered in Congress, 1934)"...
http://tinyurl.com/4aspwm
January 8, 2008
"$53 TRILLION AND GROWING"
"Here are some quotes from the 2007 Financial Report to highlight just how dire the US government’s financial condition really is. Let’s start with some comments by the Comptroller General of the United States:"
“Certain material weaknesses in financial reporting and other limitations on the scope of our work resulted in conditions that, for the 11th consecutive year, prevented us from expressing an opinion on the financial statements...”
http://tinyurl.com/2qzd9v
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