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US growth hits highest level in 5 years
Agence France-Presse via IndustryWeek    Share   Share on
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The U.S. economy grew at its fastest clip in five years in 2010, the Commerce Department reported on Jan. 28, as the country bounced back from recession and fears of a double-dip recession ebbed. Growth hit 2.9 percent for the year, reversing the 2.6 percent contraction seen in 2009. Releasing figures for the final quarter of what was a turbulent year for the world's largest economy, officials reported a late surge in consumer spending and an improving trade balance. More

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Auto czar Bloom lands new post
The Detroit news    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Ron Bloom, a former labor adviser and investment banker who has been the Obama administration's auto czar since July 2009, is ending his tenure to take a new position at the White House. President Barack Obama named Bloom, who helped craft the $85 billion auto industry bailout, to a new position overseeing manufacturing policy within the National Economic Council. As auto czar, Bloom worked in the Treasury Department. More

Industry looks to new bomber for design work
Aviation Week    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Where is the next combat aircraft? Domestic and export orders will keep U.S. and European production lines running through the middle of the decade. But development work is diminishing and design teams dissipating, and the gap between new programs stretches out. More

AGC survey sees positive signs, but 2011 still will be tough
Engineering News-Record (subscription required)    Share    Share on FacebookTwitterShare on LinkedinE-mail article
A new Associated General Contractors of America survey shows that member firms see some encouraging market signals this year but also indications that 2011 still will be tough. More

Alpha Natural reaches $7.1 billion deal for Massey Energy
The Washington Post    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Massey Energy Co., struggling with losses after an explosion that killed 29 workers at a West Virginia coal mine last spring, agreed to be taken over by Alpha Natural Resources Inc. Alpha is paying $7.1 billion in cash and stock for Massey, the nation's fourth-largest coal producer by revenue. Massey operates 19 mining complexes in Virginia, West Virginia and Kentucky including the Upper Big Branch mine where the April 5 disaster occurred. More

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Johns Hopkins study examines proper wind turbine spacing
North American Wind Power    Share    Share on FacebookTwitterShare on LinkedinE-mail
Researchers studying the wake effects on wind turbines at Johns Hopkins University have recently discovered that the output from wind turbines could be greatly increased if wind turbines were spaced at twice the distance than the industry standard. Charles Meneveau, a professor and co-author of the study, says that placing wind turbines 15 rotor diameters apart — more than twice as far as current turbine layouts — could result in more cost-efficient power generation. More

Cessna delivered 79 business jets in 4th quarter
Aviation Week    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Cessna Aircraft delivered 79 business jets in the fourth quarter, for a total of 179 on the year, and executives are optimistic that the manufacturer will deliver at least as many jets, if not more, in 2011. Cessna parent Textron reported that the aircraft manufacturer's revenues increased $105 million in the fourth quarter to $960 million, and the business jet maker returned to profitability after a loss in the third quarter. More

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Chrysler narrows loss, posts operating profit
Detroit Free Press    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Chrysler reported a $199-million net loss for the fourth quarter of 2010, but excluding interest on its government loans and other restructuring debts, it earned a $198-million operating profit. "What Chrysler delivered last year, on both the product and financial fronts, surpassed many expectations," said CEO Sergio Marchionne. "However, our job is not yet done. We have a lot of work ahead to fulfill our five-year business plan objectives." More

Manufacturers Alliance/MAPI taps Gold to lead    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The Manufacturers Alliance/MAPI has named Stephen Gold as President and Chief Executive Officer effective March 1, 2011, it was announced today by Executive Committee Chairman Timothy H. Powers, Chairman, President and Chief Executive Officer of Hubbell Incorporated. He succeeds long-time CEO Thomas J. Duesterberg, Ph.D., who announced his intention to retire from MAPI at its 2010 annual meeting. More

Businesses in US expand at faster pace than estimated, ISM index shows
Bloomberg    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Businesses in the U.S. expanded more than forecast in January at the fastest pace since July 1988, indicating the world's largest economy has momentum at the start of the year. The Institute for Supply Management-Chicago Inc. said its business barometer rose to 68.8 this month from 66.8 in December. Economists forecast the gauge would slip to 64.5, based on the median estimate in a Bloomberg News survey. "As manufacturing rebounds — and new orders have continued to look pretty good for the manufacturing sector — it does indicate that the recovery has legs," Russell Price, a senior economist at Ameriprise Financial Inc. in Detroit, said before the report. More
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