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In July, orders for transportation equipment fell 5.2 percent, dragged down by a 35.4 percent plunge in the volatile orders for civilian aircraft and parts. Orders for defense aircraft and parts tumbled 34.4 percent in July. Transportation orders rose 2.0 percent in June. Orders for motor vehicles increased 1.3 percent in July. There were increases in orders for machinery, primary metals and computers and electronic products. Orders for fabricated metal products fell as did those for electronic equipment, appliances and components.
The Commerce Department also said July orders for non-defense capital goods excluding aircraft, which are seen as a measure of business spending plans, jumped 1.6 percent instead of increasing 1.4 percent as reported last month, Orders for these so-called core capital goods rose 0.8 percent in June, Shipments of core capital goods, mother of pearl diamond cufflinks which are used to calculate business equipment spending in the gross domestic product report, increased 1.0 percent in July instead of climbing 0.9 percent as reported last month..
WASHINGTON(Reuters) - U.S. worker productivity rose at its fastest pace in more than three years in the second quarter, as previously reported, but the trend in productivity growth remained moderate. The Labor Department said on Thursday nonfarm productivity, which measures hourly output per worker, increased at an unrevised 2.9 percent annualized rate in the April-June quarter. That was the strongest pace since the first quarter of 2015. Productivity grew at a 0.3 percent rate in the first quarter.
Economists polled by Reuters had forecast second-quarter productivity being raised to a 3.0 percent rate, in line with a modest upward revision to gross domestic product growth for that period, The economy grew at a 4.2 percent rate in the April-June period, almost double the 2.2 percent pace logged in the first quarter, Compared to the second quarter of 2017, productivity increased at an unrevised rate of 1.3 percent, That suggests the second-quarter GDP growth pace is probably unsustainable, Productivity grew at an average mother of pearl diamond cufflinks rate of 1.3 percent between 2007 and 2017, That was slower than the 2.7 percent average pace between 2000 and 2007..
Strong productivity in the second quarter weighed on growth in labor costs. Unit labor costs, the price of labor per single unit of output, fell at a 1.0 percent pace in the second quarter, rather than the 0.9 percent rate estimated last month. That was the weakest pace since the third quarter of 2014. Unit labor costs grew at a 3.4 percent pace in the first quarter. Labor costs increased at an unrevised 1.9 percent rate compared to the second quarter of 2017, pointing to moderate wage inflation.
(Reuters) - Citigroup Inc is set to restructure its investment banking mother of pearl diamond cufflinks operations and merge it with the bank’s capital markets origination unit, according to an internal memo, The restructuring will also involve top executives taking on new roles, Ray McGuire, the global head of corporate and investment banking, will chair the new merged unit, which will be called banking, capital markets and advisory, In addition to McGuire’s appointment, the bank also named Tyler Dickson and Manolo Falco the global co-heads of the new unit..
BEIJING (Reuters) - A rape accusation leveled against JD.com CEO and founder Richard Liu has highlighted the lack of a No. 2 lieutenant among senior management at the e-commerce giant, exacerbating concerns about the case among investors. Liu, 45, was arrested on Friday and detained for around 16 hours by police in Minnesota, who are continuing to investigate the matter. Liu, who through his lawyers has denied any wrongdoing, has returned to work in China. His U.S. attorneys say it is unlikely he will face charges.
“In China, the company is the leader, For Alibaba that’s Jack Ma, for us it’s Richard Liu,” said one person who works at JD.com, “To remove your top executive is to cut the head off the snake,” said the person, who was not authorized to speak publicly about the matter and declined to be identified, The company currently mother of pearl diamond cufflinks lists no chief operating officer, Shen Haoyu, who had been COO since 2011 and headed its JD Mall business, stepped down from the role two years ago, The firm started a rotating CEO role in July for the JD Mall unit..