US job openings lowest since September
5 hours ago
Job openings in the United States fell in March as President Donald Trump’s trade wars clouded the economic outlook. U.S. employers posted 7.2 million vacancies in March, down from 7.5 million in February and 8.1 million in March 2024. It was the fewest number of openings since September and below the 7.5 million that economists had forecast. Still, openings remain high by historical standards but have fallen steadily since peaking at 12.1 million in March 2022 when the economy was still bouncing back from COVID-19 lockdowns.
China's export orders dip
Monthly surveys of Chinese factory managers shows export orders slowed in April as higher tariffs on U.S. imports began to kick in. China and the U.S. appear to remain at stark odds after U.S. President Donald Trump ordered combined tariffs of up to 145% on Chinese goods. China has imposed duties of up to 125% on U.S. products, with some exemptions. Data released Wednesday showed the official manufacturing purchasing managers index fell to a 16-month low of 49.0 from 50.5 in March.
GM recalls nearly 600,000 vehicles
General Motors is recalling nearly 600,000 vehicles across its Cadillac, Chevrolet and GMC brands in the U.S. due to potential manufacturing defects that can cause engine failure. The recall covers model years 2021 and 2024. The problem centers around a connecting rod or crankshaft component. This can lead to engine damage, and potentially failure. Dealers will inspect and repair, free of charge. The company estimates that just 3% of affected vehicles have the defect.
Trump offers automakers relief on 25% tariffs
President Donald Trump has signed executive orders to relax some of his 25% tariffs on automobiles and auto parts. Tuesday's action is a significant reversal as the import taxes threatened to hurt domestic manufacturers. Automakers and independent analyses have indicated that the tariffs could raise prices, reduce sales and make U.S. production less competitive worldwide. Trump portrayed the changes as a bridge toward automakers moving more productions into the United States. The administration provides automakers that finish their vehicles domestically a 15% rebate this year, offsetting the cost of the tariffs. That rebate would be 10% the second year, giving automakers some time to relocate production of parts to the U.S.
China's export orders dip
Monthly surveys of Chinese factory managers shows export orders slowed in April as higher tariffs on U.S. imports began to kick in. China and the U.S. appear to remain at stark odds after U.S. President Donald Trump ordered combined tariffs of up to 145% on Chinese goods. China has imposed duties of up to 125% on U.S. products, with some exemptions. Data released Wednesday showed the official manufacturing purchasing managers index fell to a 16-month low of 49.0 from 50.5 in March.
GM recalls nearly 600,000 vehicles
General Motors is recalling nearly 600,000 vehicles across its Cadillac, Chevrolet and GMC brands in the U.S. due to potential manufacturing defects that can cause engine failure. The recall covers model years 2021 and 2024. The problem centers around a connecting rod or crankshaft component. This can lead to engine damage, and potentially failure. Dealers will inspect and repair, free of charge. The company estimates that just 3% of affected vehicles have the defect.
Trump offers automakers relief on 25% tariffs
President Donald Trump has signed executive orders to relax some of his 25% tariffs on automobiles and auto parts. Tuesday's action is a significant reversal as the import taxes threatened to hurt domestic manufacturers. Automakers and independent analyses have indicated that the tariffs could raise prices, reduce sales and make U.S. production less competitive worldwide. Trump portrayed the changes as a bridge toward automakers moving more productions into the United States. The administration provides automakers that finish their vehicles domestically a 15% rebate this year, offsetting the cost of the tariffs. That rebate would be 10% the second year, giving automakers some time to relocate production of parts to the U.S.
