Make us your home page
Instagram

Economy gets jolt from auto sales and manufacturing

The economy got some good news Tuesday.

Auto sales in June held their own for another month, and American factories received some of their strongest orders in years

The uptick suggests that the 2.9 percent drop in GDP in the first three months of year was an aberration, not the start of another recession.

The next test comes Thursday, when the government releases the U.S. jobs report for June.

Autos sales: June beats forecasts

June auto sales beat expectations with Chrysler, Nissan, Toyota and Hyundai all posting healthy gains compared with the same month a year earlier. General Motors had a small increase, but Ford's sales declined. Automakers are on pace to sell about 16.2 million vehicles in the United States this year, which would be the biggest sales volume since 2006.

For more on auto sales, see Business, 4B.

Manufacturing: Demand grows

The world's two biggest economies notched solid scores in manufacturing last month. China's sector grew for the first time in six months. The United States had its 13th straight month of expansion.

U.S. producers of wood products, furniture, metals and machinery were among those seeing a pickup in demand. Growing consumer spending, lean inventories and improving overseas markets will probably keep assembly lines busy in the second half of the year, experts said.

Stock market: New records hit

The auto sales and manufacturing news helped push the Dow and the S&P 500 to new records Tuesday. The Dow gained more than 129 points to close at 16,956, its 12th record close of the year. The S&P climbed 13 points to finish at 1,973.

"After a terrible first quarter, we are seeing a rebound in housing, manufacturing," Marc Doss, regional chief investment officer for Wells Fargo Private Bank, told the Wall Street Journal. "The economy is growing but slowly enough for the Fed to keep rates low for a while. This environment is very favorable for equities."

Economy gets jolt from auto sales and manufacturing 07/01/14 [Last modified: Tuesday, July 1, 2014 11:02pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Westshore Marina District project takes shape with another acquisition

    Real Estate

    TAMPA — One of Tampa Bay's prime waterfront areas took another major step toward redevelopment Friday as WCI Communities bought 2.35 acres in Westshore Marina District.

    WCI Communities, Lennar's high-end subsidiary,has paid $2.5 million for 2.35 acres in the Westshore Marina District for 35 townhomes. WCI is under contract  to buy an additional 9.5 acres.
[BTI Partners]
  2. Posh Guy Harvey RV park to open in Tampa Bay with $250,000 cottages

    Business

    Love those Guy Harvey T-shirts with the soaring marlins? In the not too distant future, you might be able to kick back in your own Guy Harvey cottage in the first-ever Guy Harvey RV park.

  3. Port Tampa Bay secures $9 million grant to deepen Big Bend Channel

    Business

    Port Tampa Bay has secured a $9 million grant from the U.S. Army Corps of Engineers for the widening and deepening of the Big Bend Channel in southern Hillsborough County.

  4. Tampa International Airport morphing into a mini-city unto itself

    Airlines

    TAMPA — By the end of the 2026, Joe Lopano wants Tampa International Airport to function as its own little city.

    Artist rendering of phase two of the $1 billion construction expansion of Tampa International Airport. The airport is transforming 17 acres of airport property that will include at least one hotel, retail and office space and a gas station, among other things.
[Courtesy of Tampa International Airport]
  5. Lost Highway: As FHP struggles to recruit, speeding tickets plummet

    State Roundup

    TALLAHASSEE — The number of speeding tickets written by Florida state troopers has plunged three straight years as the agency grapples with a personnel shortage and high turnover.

    State data shows FHP troopers are not writing violations for speeding or other infractions like they did back in 2011, even though there's 1 million more licensed drivers in Florida.