Last updateWed, 25 Nov 2020 4pm

Dollar Slips Versus Euro After Midwest Manufacturing Report

The dollar fell against the euro after an index of Milwaukee-area manufacturing fell to its lowest level in five years.

The National Association of Purchasing Management-Chicago said on Friday its Milwaukee monthly index of regional manufacturing fell to 45, from 48 in April. Figures under 50 indicate contraction.

Source: International Business Times

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Op-Ed: Carbon's Power Brokers

An unprecedentedly radical government grab for control of the American economy will be debated this week when the Senate considers saving the planet by means of a cap-and-trade system to ration carbon emissions. The plan is co-authored (with John Warner) by Joe Lieberman, an ardent supporter of John McCain, who supports Lieberman's legislation and recently spoke about "the central facts of rising temperatures, rising waters and all the endless troubles that global warming will bring."

Source: George F. Will

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Gross Domestic Product Up in First Quarter

Commerce Secretary Carlos M. Gutierrez released the following statement on the preliminary estimate of real gross domestic product (GDP), which showed that the American economy grew at a rate of 0.9% in the first quarter of 2008:

“While our economy is growing at a rate slower than we would like, it grew more than first estimated in the first quarter…”

Source: Dept. of Commerce

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U.S. Durable-Goods Orders Slip

Orders for U.S. durable goods fell in April but much less than expected, and a key barometer of business-equipment spending surged.

Durable-goods orders declined 0.5% to a seasonally adjusted $214.42 billion, the U.S. Commerce Department said. The drop was the fourth decrease in six months -- orders decreased a revised 0.3% in March -- and underscored continuing weakness in the manufacturing sector.

Source: Wall Street Journal

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Manufacturers to Put More Emphasis on Costs

U.S. industrial companies, which for years have touted their dedication to lean manufacturing operations, are increasing efforts to further cut production costs to offset soaring prices for raw materials like oil, chemicals and steel.

As companies struggle to maintain profit margins in an atmosphere where almost everything they use -- from oil to steel to plastics -- is more expensive, there is greater emphasis on thinking creatively and making more cuts.

Source: Reuters

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