* Services sector PMI increases 1.4 points to 56.7 in July. * New orders up solidly; prices post biggest drop since 2017. * Employment measure improves; worker shortages persist. By Lucia Mutikani. The U.S. services industry unexpectedly picked up in July as new orders grew solidly, supporting views that the economy was not in recession despite output slumping in the first half.
Automakers want Democratic Senator Joe Manchin to revisit his proposal to restructure the $7,500 electric vehicle tax credit, raising fears it could be largely unworkable because of new sourcing requirements for battery components and critical minerals. Manchin on Tuesday expressed little interest in revising his proposal.
Automakers want Democratic Senator Joe Manchin to revisit his proposal to restructure the $7,500 electric vehicle tax credit, raising fears it could be largely unworkable because of new sourcing requirements for battery components and critical minerals. Manchin on Tuesday expressed little interest in revising his proposal.
The U.S. services industry unexpectedly picked up in July as new orders grew solidly, supporting views that the economy was not in recession despite output slumping in the first half.
Automakers want Democratic Senator Joe Manchin to revisit his proposal to restructure the $7,500 electric vehicle tax credit, raising fears it could be largely unworkable because of new sourcing requirements for battery components and critical minerals. Manchin on Tuesday expressed little interest in revising his proposal.
Automakers want Democratic Senator Joe Manchin to revisit his proposal to restructure the $7,500 electric vehicle tax credit, raising fears it could be largely unworkable because of new sourcing requirements for battery components and critical minerals. Manchin on Tuesday expressed little interest in revising his proposal.
* Futures down: Dow 0.49%, S&P 0.40%, Nasdaq 0.49% U.S. stock index futures fell on Tuesday after Walmart's (WMT) profit warning rippled through the retail sector and heightened fears that consumers were cutting back on discretionary spending in the face of decades-high inflation.
General Electric Co (GE) on Tuesday surprised Wall Street with higher quarterly profit and positive cash flow as recovery in the aviation industry propelled its jet engine business, sending its shares higher. The Boston-based industrial conglomerate, however, said it was still grappling with supply-chain disruptions and inflationary pressures, which would pressure earnings this as well as next year.
Record temperatures at the Farnborough Airshow this week have ratcheted up pressure on global aviation to shrink airplane emissions and turn a raft of potential solutions - many of which are yet to be proven - into reality. The airline industry, responsible for nearly 3% of global carbon dioxide emissions, faces formidable challenges to meet ambitious goals to cut emissions.
U.S. airplane maker Boeing Co (BA) trimmed its projected industrywide demand for airplanes over the next 20 years, but said it expects deliveries to be stable excluding the Russian market. Boeing (BA) projects airlines worldwide will need 41,170 new airplanes over 20 years with half of the deliveries for replacement aircraft, and with single-aisle aircraft accounting for about 75% of planes.
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