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The Fed said Hurricanes Florence and Michael had lowered the level of industrial production in both September and October, but the effects of the storms “appear to be less than 0.1 percent per month.”. Mining output fell 0.3 percent in October after slipping 0.1 percent in September. Oil and gas well drilling rebounded 1.6 percent after declining for three straight months. With oil prices dropping to an eight-month low on Tuesday, economists expect mining production to remain weak cufflinks and studs uk sale. “Given the steep declines in oil prices since early October, these declines in mining activity are likely to gather momentum in the coming months,” said Jonathan Millar, an economist at Barclays in New York..
Utilities output dropped 0.5 percent in October after dipping 0.1 percent in the prior month cufflinks and studs uk sale. Capacity utilization for the manufacturing sector, a measure of how fully firms are using their resources, rose to 76.2 percent in October, the highest since July 2015, from 76.1 percent in September. Overall capacity use for the industrial sector fell to 78.4 percent from 78.5 in September. It is 1.4 percentage points below its 1972-to-2017 average. Officials at the Fed tend to look at capacity use measures for signals of how much “slack” remains in the economy — how far growth has room to run before it becomes inflationary..
WOLFSBURG, Germany (Reuters) – Volkswagen (VOWG_p.DE) expects to become the most profitable manufacturer of electric cars thanks to a multi-billion euro expansion plan to mass produce battery driven vehicles, Chief Executive Herbert Diess said on Friday. VW will spend almost 44 billion euros ($50 billion) on developing electric cars, autonomous driving and new mobility services by 2023 and explore further areas of cooperation with U.S. automaker Ford. Diess said he hoped to have an outline agreement on cooperation with Ford fleshed out by the end of the year, with the initial focus on commercial vehicles. He added that a merger with Ford was not on the agenda and also said there were no plans to take a stake in the American company cufflinks and studs uk sale.
Mass producing electric cars will help the carmaker reduce the cost to the same level as current diesel vehicles, Diess said at a news conference in Wolfsburg, VW’s home town cufflinks and studs uk sale. “Very emotional vehicles, high economies of scale, I think we will be the most profitable company in electric vehicles,” Diess said, responding to a question in English. The supervisory board of Europe’s largest carmaker voted on far reaching capital spending plans to begin mass production of electric vehicles in Europe, the most radical strategy shift since VW’s diesel cheating scandal in 2015..
Volkswagen will retool three of its German plants to build electric cars and to explore alliances with battery partners and rival carmakers cufflinks and studs uk sale. VW plans to increase productivity of its factories by 30 percent by 2025 by building more vehicles from different brands on the same production line. It wants to lower the carmaker’s research and development ratio at the group’s automotive division to six percent of revenues from 2020 onward. “Volkswagen must become more efficient, more productive and more profitable in order to finance the high expenditure in he future and stay competitive,” Diess said..