Sunday, December 25, 2016

Jim Melvin's Megasite bile; "GM to idle 5 plants in January as car supply swells"

Boeing Co's (BA.N) commercial airplanes unit said on Monday 
it would reduce its workforce in 2017, 
adding to the about 8 percent jobs the company has cut since the beginning of 2016.

December 20, 2016

"General Motors will close five assembly plants for one to three weeks in January to shrink swelling inventories of passenger cars.

...Just over 10,000 workers will be idled.

Fiat Chrysler said it’s halting output for New Year’s week 
at two Canadian vehicle factories.

...The company’s Detroit-Hamtramck and Fairfax (Kan.) assembly plants each will be shut down for three weeks, while a plant in Lansing that builds the Cadillac CTS and ATS will be down for two weeks. Factories in Lordstown, Ohio (Chevrolet Cruze), and Bowling Green, Ky. (Chevrolet Corvette), each will be idled for one week.

...Fairfax is where GM builds the Chevrolet Malibu, which is selling well, but dealers held 84 days' supply of Malibus on their lots at the end of November, up from 59 days a year earlier...

Normally, automakers like to have a 60-day supply on lots.

Ford Motor Co. said in October that it was cutting production 
at plants that make the Escape small SUV and F-150 pickup 
in the face of slowing sales.

...Automakers have started discounting cars, but they need to cut production as the shift continues...

...GM’s inventory of vehicles on dealer lots at the end of November stood at 874,162, up 26.5% from the same time a year ago."

Volvo Trucks announced its intention to lay off 500 workers, 
comprising the entire second shift, at its Dublin, Virginia plant. 

The layoffs will take place in early February. 

The announcement comes on top of 300 layoffs in September and another 500 in February.

December 17, 2016

"Record number of car buyers 'upside down' on trade-ins"

"We live in a society driven by debt"

Doug Casey; "We’re at the peak of the biggest financial bubble in world history"; "Sell all your bonds"

Remember when Greensboro's City Council and its Community Foundation lied about how the STPAC debt would be paid for?

Our financial markets are fake

Consumer Credit as a % of Disposable Personal Income = Spending More Than We Make