10202018Sat
Last updateFri, 19 Oct 2018 1pm

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Durable Goods Orders Drop for Sixth Consecutive Month

Orders for U.S. durable goods fell for a record sixth consecutive month in January, signaling companies are cutting back on spending as customers worldwide retrench.

The 5.2 percent drop was more than twice as large as projected and followed a 4.6 percent decrease the prior month, the Commerce Department said today in Washington.

Source: Bloomberg

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In Innovation, U.S. Said to Be Losing Competitive Edge

The competitive edge of the United States economy has eroded sharply over the last decade, according to a new study by a nonpartisan research group.

The report by the Information Technology and Innovation Foundation found that the United States ranked sixth among 40 countries and regions, based on 16 indicators of innovation and competitiveness.

Source: New York Times

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Gary is a Locke for Commerce Secretary

President Obama has settled on former Gov. Gary Locke of Washington state as his top choice for commerce secretary as he tries for a third time to fill a cabinet position that has bedeviled his administration, a White House official said Monday.

Mr. Locke’s election in 1996 made him the first Chinese American governor in the United States and he served two terms before stepping down after the 2004 election, citing a desire to spend more time with his family.

Source: New York Times

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China's Imports and Exports Drop 29% in January

In January, China's imports and exports totaled $141.8 billion, a drop of 29% compared with the same period last year. Exports totaled $90.45 billion, down 17.5%, and imports totaled $51.34 billion, down 43.1%. A trade surplus of $39.1 billion was registered, a jump of 102% year over year, the General Customs Administration of China announced on February 11.

Source: Industrial Info Resources

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Manufacturing Holds Key for Poorest Nations - UN

The world's poorest nations need help from richer countries to exploit manufacturing rather than natural resources or agriculture if they are to escape from poverty, a United Nations agency said on Monday.

Struggling countries must manufacture more and be given better access to global markets to expand their economies, the U.N. Industrial Development Organization said in a report.

Source: Reuters

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