Shares of industrial and transportation companies fell after economic data stirred recession fears.
New orders for manufactured goods fell 1% in July from June levels, according to data from the Commerce Department. Jobs growth also slowed in August from July levels. A positive factor in the jobs report was an increase in the number of employment seekers, said one strategist.
“The more workers you have in the labor force, the more opportunity for employers to keep wages steady,” said Quincy Krosby, chief global strategist at brokerage LPL Financial. “It gives employers a stronger hand in negotiating wages, which is a major input cost.”
Ford Motor’s U.S. sales rose 27% in August, rebounding from year-ago production shortages and benefiting from increased demand for electric vehicles.
General Motors will offer buyouts to U.S. Buick dealers as an alternative for franchise owners who don’t want to make investments that will be needed as the brand goes all-electric, an executive said.
Warren Buffett’s investment company, Berkshire Hathaway, further pared its ownership in Chinese electric-vehicle maker BYD.
Write to Rob Curran at [email protected]
