US June factory orders rev to +1.5 pct

Biz.Yahoo/Reuters ^ | August 19, 2003

[Starwind]

US June factory orders rev to +1.5 pct
Tuesday August 19, 9:58 am ET

 WASHINGTON, Aug 19 (Reuters) - The Commerce Department on
Tuesday said it revised U.S. June factory orders issued Aug. 4
to a 1.5 percent rise from a previously reported 1.7 percent
rise.
 The department also revised U.S. June durable goods orders
to a 2.3 percent increase from a 2.6 percent jump.
 Following are seasonally adjusted figures for key
components of U.S. June and May factory orders and durable
goods, and shipments for semiconductors, seasonally adjusted.
 PCT CHANGES:         June'03  (Prev)   May'03  (Prev)
 New Orders              1.5    1.7       0.3    0.3
Ex-Transportation        1.1    1.2       0.8    0.8
Ex-Defense               1.6    1.5       0.6    0.9
  Durables               2.3    2.6       unch   0.1
 Shipments
Semiconductors           2.7    N/A       3.4    N/A
 ORDERS-BLNS OF DLRS: June'03   (Prev)    May'03   (Prev)
 New Orders           322.990  325.982   318.144  320.495
Ex-Transportation     271.399  274.739   268.362  271.542
Ex-Defense            313.457  316.506   308.639  311.934
  Durables            171.841  173.440   168.007  169.006
 Shipments
Semiconductors          6.233      N/A     6.071      N/A
 NOTES:
 N/A- not available
 The department issued annual benchmark revisions to U.S.
factory orders and durable goods for the period 1992 through
June 2003. The report includes new figures for semiconductors
dating back to March 2002.
 The department will issue July durable goods orders on Aug.
26 and factory orders on Sept. 4. Beginning with these reports,
the department will resume inclusion of semiconductor data on a
monthly basis.
 The annual revisions are available on the Census Bureau's
Web site http://www.census.gov/indicator/www/m3/index.html.

[Starwind]

This was a downward benchmark revision.

[Starwind]

Fyi...

[Lazamataz]

This was a downward benchmark revision.

I'm actually seeing a downward pressure in employment opps since Feb-Mar this year.

If this is a recovery, we sure need a Depression STAT!

[MonroeDNA]

1.5% gain is not good. *snort* *chuckle* *guffaw!*

ROTFL:LMAO!

Woe is us!!!!

[lelio]

I'm actually seeing a downward pressure in employment opps since Feb-Mar this year.

The CEO of outplacement firm Challenger Gray (yes, I know consider the source) said this morning on CNBC that he expects to see a large increase in job cuts after labor day.

[Tauzero]

poetic!

[Lazamataz]

The CEO of outplacement firm Challenger Gray (yes, I know consider the source) said this morning on CNBC that he expects to see a large increase in job cuts after labor day.

Did he indicate why he believes that?

[oceanview]

Looks at HPs earnings after the bell today. You know they will rev up the layoff/offshoring after that, and Carly and other top manager could use another few million in bonuses I am sure. White collar tech/IT is still trending down, cutting people to cut costs, offshoring, etc.

[Lazamataz]

Well, I never understood why HP is in business any more, frankly. What do they bring to the party? So I expect HP IT to continue to collapse...but the other guys should be better... on the whole, I am starting to believe IT will trend (lightly) up.

[oceanview]

they had 17 billion in revenue this quarter.

[Lazamataz]

"they had 17 billion in revenue this quarter."

Yeah, but what do they do...?

[lelio]

Aha! Found the article about Challenger Gray's comments released today. Here's the main reason (from the article):

From 1995 to 2002, there were 36% more job cuts announced between September and January than there were between May and August.

So, in short, its just the nature of the economy to lay off more people after Labor Day. So if you thought the first half the year was tearing a hole in your pants, you might want to get some extra stiching put in for the 2nd half.

[Lazamataz]

Okay, great! Good get. So it's not so much that he's seeing a systemic downturn, it's seasonal.

[oceanview]

when is the hiring season? thats what never seems to arrive.

[lelio]

Yeah, but what do they do...?

For some scathing criticism of HP / Compaq start with this TheInquirer.net article.

Some of the other good articles:
When HP bought Compaq, did it buy a crock?
HP loses huge corporate contracts after support debacle
HP to outsource specialist server support to India

Granted the paper has a big axe to grind with Compaq / HP as its tech website for Australia and HPQ is/was a big employer down there. In a nutshell: both companies aren't making money on hardware and are moving towards offshoring their support desks to maximize profit.
Except companies that are paying you millions in support contracts expect a little more than Dell Indian support. It seems to me a great opportunity for someone to come in and snatch up the laid off high tech stars of HPQ and start a services business.

[lelio]

when is the hiring season?

Since you're not experienced, you might only qualify for summer work on a Alaska Fishing Boat. But you could move up to making $50-75k a year! Course I think that's your projected salary if you stayed on the boat 24x7x52. How's your sea legs?