Companies are laying off employees and cutting production to counter falling orders and rising inventories
More U.S. manufacturers are rethinking their plans as they brace for an extended slump in demand.
Higher interest rates, rising operating costs, a strengthening U.S. dollar and lower selling prices for commodities are dampening activity at factories across the country. Executives for the makers of long-lasting items such as cars, crop-harvesting combines and washing machines are projecting challenging business conditions for the remainder of the year.
Deere & Co., the world’s largest manufacturer of farm equipment by sales, has shed about 2,100 production workers since November, or 15% of its hourly workforce. Rival equipment maker Agco said in June it would cut 6% of its salaried workforce worldwide, or about 800 people, by the end of the year.
Recreational vehicle maker Polaris said it would adjust production to cut back on shipments to dealers. The disclosure came as it reported a 49% drop in quarterly income on Tuesday and noted that sales of its motorcycles, boats and off-road vehicles all dropped as consumers pulled back on discretionary purchases.
“Retail has proven weaker than anyone expected,” Chief Executive Michael Speetzen told analysts.
The cloudy picture in manufacturing comes as dozens of companies in the S&P 500 index make quarterly financial disclosures. Their results will be closely monitored as inflation moderates and the Federal Reserve considers cutting interest rates.
Whirlpool said a soft housing market is holding down demand for its refrigerators, dish washers and other household appliances. MSC Industrial Direct, a distributor of tools and industrial supplies to manufacturers, said its average daily sales during its recently completed quarter decreased by 7% compared with a year earlier. --->READ MORE HERE (or HERE)
 |
| Matthew McDermott |
More than four years after the eruption of the 2020 COVID pandemic, New Yorkers still have no reliable, independent assessment of how well their leaders responded.
Which is why state Comptroller Thomas DiNapoli is right that New York still needs an independent commission to review the state’s response.
In a recent Times Union op-ed, DiNapoli ripped a $4 million report by the Olson Group, which Gov. Hochul commissioned, as riddled with errors and inadequate in helping the state prepare for the next pandemic.
Without such a comprehensive report, it’s hard to hold anyone accountable for failures and to better prepare better for the next epidemic.
That’s a serious problem, because many of Gov. Andrew Cuomo’s policies — particularly his order that nursing homes accept COVID-positive patients — appear to have been monumentally tragic mistakes.
“The Olson report failed to provide the rigorous, fact-based examination New York deserved, nor does it provide a roadmap for future improvement,” wrote DiNapoli.
The comptroller took issue with Olson’s reliance on inaccurate Centers for Medicare and Medicaid Services data related to nursing home deaths.
His criticism echoes that of the Empire Center’s Bill Hammond, who panned Hochul’s after-action review as falling “far short” of what Hochul promised — and what “the state urgently needs.”
The report left key questions unanswered, such as: --->READ MORE HEREFollow links below to relevant/related stories and resources:
‘COVID saved my life’: Mom of 4 says virus helped doctors find cancerous tumors
Nasal COVID-19 vaccine halts Infection in animal study
USA TODAY: Coronavirus Updates
WSJ: Coronavirus Live Updates
YAHOO NEWS: Coronavirus Live Updates
NEW YORK POST: Coronavirus The Latest
If you like what you see, please "Like" and/or Follow us on FACEBOOK here, GETTR here, and TWITTER here.
No comments:
Post a Comment