WASHINGTON (AP) — The Treasury Department failed to consider the economic fallout when it told General Motors and Chrysler to quickly shutter many dealerships as part of government-led bankruptcies, a federal watchdog found. A report released Sunday by the special inspector general for the government's bailout program raised questions about whether the Obama administration's auto task force considered the job losses from the closings while pressuring the companies to reduce costs.
DOWNERS GROVE, Ill. (AP) — ATC Technology Corp. said Monday it has agreed to be acquired by privately held Genco Distribution System Inc. for $512.6 million in cash. ATC, an engineering and supply chain logistics firm based in Downers Grove, said the boards of ATC and Genco have approved the deal.
BEIJING (AP) — A strike has shut down another factory in China that supplies Honda Motor Co. amid a wave of protests by workers for higher wages, an employee and a labor official said Friday. The strike at the Atsumitec Co. factory in the southern city of Foshan near Hong Kong involves 90 percent of the 200 employees and began Monday, the employee said by phone.
WASHINGTON (AP) — Consumer prices fell for the third straight month, providing some bargains to American shoppers. The Consumer Price Index, the government's most closely watch inflation barometer, dipped 0.1 percent in June, the Labor Department reported Friday. Less expensive energy bills were a big factor behind the drop.
WASHINGTON (AP) — New evidence of a slowing economic rebound emerged Thursday in reports that manufacturing activity is slowing after helping drive the early stages of the recovery. Factory output fell in June, according to a government report on industrial production. It was the sharpest monthly drop in a year.
Just about every business in the United States has at least one copy machine that's used on a day-to-day basis. However, few, if any, are aware the copy machines store every document ever scanned, printed, and faxed on hard drives within the machinery. Once the company disposes of the copy machine, that hard drive becomes a target for identity thieves.
CHICAGO -- Grainger today reported results for the second quarter and six months ended June 30, 2010. Second quarter sales of $1.8 billion increased 16 percent versus the 2009 second quarter. Both quarters had the same number of selling days (64). Net earnings for the quarter increased 40 percent to $129 million versus $92 million in 2009.
WASHINGTON (AP) — New applications for unemployment benefits fell sharply last week as General Motors and other manufacturers skipped their usual summer shutdowns. The Labor Department said Thursday that new claims dropped by 29,000 to 429,000, the lowest level since August 2008. It was the second straight week that initial claims dropped sharply and the third drop in the last four weeks.
WASHINGTON (AP) — The government said Wednesday it had not reached any conclusions about whether Toyota drivers may be to blame for their vehicles suddenly accelerating, a problem that has led to millions of recalled cars and trucks since last year. The National Highway Traffic Safety Administration said in a statement that its engineers were continuing to investigate the possible causes of sudden acceleration in Toyotas along with scientists and researchers with the National Academy of Scientists and NASA.
WASHINGTON (AP) -- A new White House report says last year's $862 billion stimulus law has now "saved or created" between 2.5 million and 3.6 million jobs. That's up from 2.2 million to 2.8 million in the last quarterly report from the White House Council of Economic Advisers. Christina Romer, head of the council, says in congressional testimony prepared for Wednesday that every $1 from the stimulus bill is matched by $3 in private money.
In a classic good news-bad news scenario, the U.S. unemployment rate has dropped to 9 1/2 percent. However, analysts say that's because roughly 600,000 people have simply given up on trying to procure a job. A more useful, and alarming, statistic states that the U.S. economy lost 125,000 jobs in the month of June.
DENVER — Krayden, Inc., a distributor of engineered materials, recently announced that it received the Dow Corning Electronics 2009 Distributor of the Year award during a ceremony that was held in May 19 at its headquarters in Denver. This is the second consecutive year Krayden has earned this award.
Business-to-business manufacturers often find pricing for profitable growth can be a daunting task. Of course, the quality and accuracy of the price-points themselves can mean the difference between winning business profitably, winning business at a loss, or losing business altogether. In this extremely competitive environment, having the “right” price is essential for top-line growth and bottom-line performance.
The largest heavy-duty truck manufacturer and leader in medium-duty and commercial vehicles, Daimler Trucks North America (DTNA), is now fully equipped with a warehouse identification and floor marking system to beat the competition, following a premier installation from the country’s leading manufacturer and installation firm, ASG Services.
WINDSOR, Conn . – Kaman Industrial Technologies, a distributor of industrial parts, and Predictive Service, LLC, a provider of predictive maintenance and engineering services (reliability services), announced a collaboration between the two companies today, whereby Kaman will distribute reliability services from Predictive Service in the industrial distribution market.
WINONA, Minn. (AP) — Fastenal Co. said Tuesday its second-quarter profit rose 59 percent to beat Wall Street estimates on higher sales of fasteners and other industrial supplies. The company said a stronger Canadian dollar and contributions from its Holo-Krome business, acquired in December, also contributed to the stronger quarter.
WASHINGTON (AP) — Inventories held by businesses rose for a fifth consecutive month in May but sales dropped for the first time in more than a year. Inventories edged up 0.1 percent in May, the Commerce Department reported Wednesday. Sales dropped 0.9 percent, the first decline since March 2009 when they fell 2.
WASHINGTON (AP) — The U.S. trade deficit widened in May to the highest level in 18 months as a rebounding economy pushed up demand for imports of foreign-made cars, computers and clothing. The Commerce Department says the trade deficit increased 4.8 percent to $42.3 billion, the largest imbalance since November 2008.
MELVILLE, N.Y. (AP) — Semiconductor distributor Nu Horizons Electronics Corp. reported a first-quarter profit Thursday, as recovering demand among businesses for new technology helped it recover from a loss a year earlier. Shares spiked 9 percent in electronic trading after the market closed.