Steel Prices Show No Sign of Falling
Twelve straight months of increases have more than doubled steel prices — and there’s little immediate sign that end-users in the manufacturing, construction or automotive industries will be getting a break anytime soon.
Automotive Suppliers Brought Down New Jobs in July
A disappointing employment report from the Department of Commerce last week caught Wall Street off guard and sent stock prices tumbling for the second day in a row. The unemployment rate edged down slightly to 5.5 percent in July, from 5.6 percent in June, but the bad news came in the area of job creation. Only 32,000 new jobs were added in July; economists had been expecting more than 200,000.
ETI Completes Web Site Facelift
The Equipment and Tool Institute (ETI) just announced the completion of its web site redesign. The web site — www.etools.org — now sports a new color scheme, masthead and a few new components. According to Brian Irish, marketing manager for ETI, the facelift was long overdue. The decision to make the changes comes as part of a new marketing plan initiated by Irish. “The intent is to keep a consistent look to everything that ETI does,” he said. “We are working on building name and identity recognition in the industry. This is just a first step in accomplishing that.”
SEMA Awards Record Amount in Scholarships
As the SEMA Memorial Scholarship Fund celebrates its 20th year of giving, the association has announced it awarded students a record number of scholarships this year. Seventy-five students preparing for careers in the automotive industry received individual awards of up to $4,000, for a total of $110,000 in scholarships.
Voices from Canton, Ohio’s Timken Co. are Heard at Democratic National Convention
Real America — including the leader of a union for Timken steelworkers facing more than 1,000 job losses and plant shutdowns — spoke to the Democratic National Convention on Monday. “Our community has been decimated with plant closings and job losses…. There is a great human price being paid,” Bill Wright told Democrats via satellite from the United Steelworkers of America Local 1123 hall in Canton, Ohio.
Manufacturing Mass Layoffs Edge Up
The number of mass layoffs in U.S. manufacturing rose slightly to 222 in June from 219 in May, the U.S. Department of Labor reported July 22. The number of workers affected rose as well, increasing to 27,307 in June from 22,141 in May. The department defines monthly mass layoffs as a loss of jobs affecting 50 or more workers from a single establishment. The number of workers affected is calculated from new filings for unemployment insurance benefits.
American Axle & Manufacturing Reports Record Second Quarter Sales and Earnings
American Axle & Manufacturing Holdings (AAM) has reported record sales and earnings for the second quarter of 2004. AAM’s second quarter diluted earnings per share grew 5 percent to $1.02 per share as compared to 97 cents per share earned in the second quarter of 2003. Net income for the quarter increased 8 percent to $55.3 million as compared to $51 million in the second quarter of 2003.
Herman Trend Alert: Executive Exits Expected
Executives are restless. Employers expect leaders at top levels to depart at a substantially faster rate over the next few years, compared to what has been seen over the past few years. Results from a recent poll conducted by The Association of Executive Search Consultants revealed that 54 percent of executives responding expect to work for seven or more employers during their career, compared to nine percent who felt that way ten years ago.
Herman Trend Alert: The Shift has Begun
We have been forecasting the shift from a buyer’s market to a seller’s market in labor. Our message has been very clear that the past few years were only a pause in the demand for top talent and that the employment market would tighten up again. The shift to a seller’s market has begun.
Volvo Trucks to Increase Production at Dublin, Va., Plant
Volvo Trucks North America will again ramp up production in August at its Dublin truck plant, and could hire as many as 300 new workers.