Building a Recovery, Factory by Factory
from The Wall Street Journal
 If a V-shaped recovery is in store, it will be built in U.S. factories. The Institute for Supply Management reports its July manufacturing index on Monday morning. Economists think it rose to 46.5 from 44.8 in June. That still would indicate a shrinking factory sector, but it would be the best reading since last August and would signal the latest step toward recovery. There is a small cadre of forecasters who expect a far better outcome than mere recovery, soon. They see not only the end of recession but also a classic, V-shaped recovery brewing.
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U.S. Steel Reports Net Loss as Demand, Prices Slump
from Bloomberg
U.S. Steel Corp., the largest U.S.- based steelmaker, reported its second straight quarterly loss and forecast another loss in the current period as the recession reduces demand. Chief Executive Officer John Surma has idled plants and fired workers as the deepest recession in 50 years cut demand for the metal used in construction and manufacturing.
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Governor Says Car Exchange Boosts Michigan Economy
from The Associated Press via Michigan Live
Gov. Jennifer Granholm says the federal government's "cash for clunkers" program is helping Michigan's economy and should be continued. Granholm visited an auto dealership in Traverse City on Friday, shortly after the U.S. House voted to pump an additional $2 billion into the program. It offers people up to $4,500 in subsidies for swapping old cars for new ones with better gas mileage.
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Economy Steps Back From Precipice, Geithner Says
from CQ Politics
While the economy has shown some signs of revival - an increase in home sales and a decrease in jobless claims - the nation still has to "make Americans confident about their future," Treasury Secretary Timothy F. Geithner said. Appearing on ABC’s This Week, Geithner said there are indications the recession is easing compared with last year's "economy in free-fall, a financial system on the verge of collapse." He cited the Obama administration's efforts as being "very effective in helping stabilize conditions, help repair the financial system, bring down the costs of credit ... But I think we have a ways to go."
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U.S. Navy to Buy More P-8A Test Aircraft
from Aviation Week
The U.S. Navy expected to confirm a contract with Boeing for three additional P-8A Poseidon maritime patrol aircraft, which will be used for the operational test and evaluation phase of the program. The aircraft are the first incremental addition to the baseline contract which covered five airframes – three flying and two ground test – for the P-8A development phase.
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Credit Crisis Shows Signs of Easing
from The Detroit Free Press
The credit crisis, which some say began in July-August '07, might have been easily forgotten if things turned out to be as manageable as some economists predicted. But everything unraveled into a financial panic last September -- a panic that turned so ugly that Washington eventually agreed to bailouts for banks as well as automakers. Now, things are on the mend.
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Caterpillar Announces South Africa Facility Closure
from PRNewswire
Caterpillar Inc. has announced that due to the global recession and to better align its global capacity with expected demand levels, Caterpillar Africa Pty. Ltd. will close its Boksburg, South Africa, manufacturing facility. The decision follows consultations with the unions and non-unionized employees that took place over the past two months. The consultations were done in full compliance with South African labor legislation and have concluded.
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Harley Rises as Profit Beats Estimates, Cuts Planned
from Bloomberg
Harley-Davidson Inc., the biggest U.S. motorcycle maker, rose the most in six weeks in New York trading after earnings exceeded analyst estimates and the company said it would eliminate 1,000 more jobs. Second-quarter profit excluding one-time restructuring and finance charges was 38 cents a share, said Greg Badishkanian, a Citi Investment Research analyst who projected 25 cents on that basis. The average estimate among 15 analysts in a Bloomberg survey was 29 cents a share.
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