The U.S. economy grew at a 3.6 percent annual rate from July through September, the fastest since early 2012. But nearly half the growth came from a buildup in business stockpiles, a trend that could reverse in the current quarter and hold back growth.
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Net sales in November of 2013 were $261,269 (Dollar amounts in thousands), up from $253,493 in the same month of 2012. The daily sales were $13,063, up 8.2% from $12,071 in 2012.
The Fed's stimulus has shored up global stock markets over the past few years. So-called "tapering" of that stimulus could work the opposite way, even though it would be predicated on an improving U.S. economic outlook.
During the quarter the Group generated revenue of £3,470 million, 7.4% ahead of last year and 3.5% ahead on a like-for-like basis. The impact of inflation on Group revenue was negligible. The gross margin of 27.6% was 20 basis points ahead of last year. Operating costs were tightly controlled, particularly where markets are still declining.
Total sales increased 9.6% to a record $2.24 billion in 2013 from $2.04 billion in 2012. Existing market sales increased 1.2% (0.4% based on the same number of business days). In existing markets, residential and complementary product sales increased 1.3% and 5.2%, respectively, while non-residential roofing product sales declined 0.4%.
Illinois Tool Works announced in September it was initiating a process to sell the industrial packaging unit, as the conglomerate continues to streamline its diversified business lines.
Commenting on the special dividend payment, President and CEO Robert Eck said, “Our continued strong cash flow generation of nearly $500 million over the past three years has resulted in a debt to total capital ratio of 43 percent at the end of the third quarter, which falls below our target range of 45–50 percent."
National Oilwell Varco, Inc. announced that it has formed a new Delaware corporation, NOW Inc., to eventually serve as the independent, publicly traded company for its previously announced proposed plan to spin off to its shareholders its Distribution Business. The proposed publicly traded distribution business intends to operate under the name DistributionNOW.
Job postings rose 69,000 to a seasonally adjusted 3.9 million, the Labor Department said Friday. That's the most since March 2008, just a few months after the Great Recession began. It's also close to the roughly 4 million job openings each month that are consistent with healthier job markets.
Sales from continuing operations for the quarter ended October 31, 2013 were up 13.0% to $306.0 million compared to $270.9 million in the first quarter of fiscal 2013. Organic sales were down 2.2%, the acquisition of Precision Dynamics Corporation added 15.6% to sales, and the impact of foreign currency translation decreased sales by 0.4%.
Eric LeMasters, AMT's Industry Economist, caught up with Alan Beaulieu, President of ITR Economics, at the 2013 Global Forecasting & Marketing Conference for a quick update on the current Fiscal Reality. Alan's presentation at the conference covered projections for machine tool orders as well as an outlook for the general economy.
LEDs are being increasingly used across a wide range of applications including portable electronics, TV backlighting, solid state lighting and also in automotive. This is an evolving market as LED efficacy continues to improve and the packaging and assembly market has to adapt accordingly.
Excluding volatile energy and food prices, wholesale costs increased 0.2% in October and 1.4 percent in the past 12 months. The continued low level of inflation enables the Federal Reserve to maintain its unique stimulus measures.
The number of people applying for U.S. unemployment benefits fell 21,000 to a seasonally adjusted 323,000 last week, the lowest since late September and further evidence of an improving job market.
Real average hourly earnings for all employees rose 0.2% from September to October, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. This result stems from a 0.1% increase in average hourly earnings combined with a 0.1% decrease in the Consumer Price Index for All Urban Consumers (CPI-U).
The ISA Manufacturers Index increased from 61.7% in September to 66.7% in October, while the Distributor Index rose from 64.8% in September to 70.9% in October. For each index, a reading above 50% indicates expansion, while a reading below 50% indicates contraction.
The 3Q13 PTDA Business Index produced a reading of 51.6 which represents a decrease over last quarter's reading of 54.7 and the third consecutive quarter of slower growth. Survey participants anticipate limited upside for the channel in 2014, possibly driven by decreasing pricing power.
For the first nine months of 2013, motion control product shipments are down 5.4% from the same period in 2012, according to new statistics released by the Motion Control Association (MCA), the industry’s trade group.
Chris Cole, founder and CEO of Intelligrated: "There’s an acute shortage of programming talent across the U.S., even though there is more of it here, and more creativity in it here, than probably anywhere else."
Interline Brands, Inc., a leading distributor and direct marketer of broad-line maintenance, repair and operations products to the facilities maintenance end-market, reported sales and earnings for the fiscal quarter ended September 27, 2013.
Grainger has reported sales results for the month of October 2013. Sales increased 7 percent versus October 2012. Results for the month included 3 percentage points positive contribution from acquisitions and a 1 percentage point decline from unfavorable foreign exchange.
Körber Schleifring, a global provider of grinding machine technology, and its North American arm United Grinding Techologies are now one under the new brand name UNITED GRINDING Group – Körber Solutions, a move that expands the company’s global market position in relation to technology, service, and volume.
Affinia Group Inc., an innovative global leader in the design, manufacture, distribution, and marketing of industrial grade products and services, has reported its financial results for the third quarter ended September 30, 2013.
The surprising job growth shows the economy was stronger in October than many assumed it would be. Activity at service companies also accelerated last month, an earlier report showed. The figures suggest that many companies shrugged off the shutdown, an encouraging sign for the economy.
Net income rose to $215.3 million, or $1.53 per share, from $195.2 million, or $1.38 per share, a year earlier. Revenue rose 3 percent to $1.72 billion, from $1.66 billion a year earlier.
The U.S. economy expanded at a 2.8 percent annual rate from July through September, a surprising acceleration ahead of the 16-day partial government shutdown. But much of the strength came from a buildup in unwanted stockpiles.
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