Confidence among U.S. consumers rose in June to the highest level since January 2008, indicating the decline in stock prices prompted by the European debt crisis has failed to weigh on sentiment.
The Thomson Reuters/University of Michigan final index of consumer sentiment increased to 76, from 73.6 in May, the group said today. The index has averaged 84.5 over the past decade.

Gains in confidence need to be accompanied by faster job growth to allow for a pickup in the consumer demand that accounts for 70 percent of the economy. Americans spent less in the first quarter than previously estimated, a government report showed today, reinforcing the Federal Reserve’s forecasts for a “moderate” pace of expansion.

“Spending growth will continue to be decent,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co., who correctly forecast the index level. “It won’t be booming but it won’t be flat or declining.”
Stocks advanced as banks surged after Congress diluted a bill overhauling financial regulations. The Standard & Poor’s 500 Index climbed 0.3 percent to 1,076.76 at 4 p.m. in New York.
The Michigan gauge of current conditions, which reflects Americans’ perceptions of their financial situation and whether it is a good time to buy big-ticket items such as cars, rose to 85.6 in June from 81 in May.

Expectations Index
The index of consumer expectations for six months from now, which more closely projects the direction of consumer spending, increased to 69.8 in June from 68.8. The index is down from 91.2 in July 2004.
Consumers and homeowners are “still a little bit fragile, given the state of the economy today and the fact that we haven’t seen robust growth, haven’t seen robust employment coming back,” Robert Niblock, chief executive officer at Lowe’s Cos Inc., the second largest home-improvement chain, said in a June 23 teleconference.
Sales at U.S. retailers unexpectedly dropped in May for the first time in eight months, the Commerce Department reported on June 11. Purchases fell 1.2 percent, led by a record plunge in demand at building-material stores that may have reflected the end of a government rebate on energy-saving appliances, according to figures from the Commerce Department. Read More…

While the Association of Equipment Manufacturers (AEM) supports President Obama’s renewed focus on U.S. exports, the off-road machinery manufacturing trade group urges the Administration to take necessary steps now that will truly help American manufacturers boost global trade. Actions include passage of long-pending free trade agreements (FTAs), enacting tax policies that enhance American competitiveness in world markets, and eliminating unnecessary visa delays for qualified customers.

“The federal government is taking steps in the right direction, but they are not enough. With the torpid economy and continued high rate of unemployment, we need immediate action on FTAs, tax issues and visa delays,” stated AEM President Dennis Slater.
“Our industry has traditionally been export-intensive and we can’t afford to have global business taken away by other countries more supportive of their manufacturing sectors,” he added. Slater noted that makers of construction, agricultural and related equipment have been especially hard hit in this recession and are battling back from business losses in the 40- to 60-percent range and unemployment that was double the national average.

Free Trade Agreements – The U.S. has pending free trade agreements (FTA) with Colombia, Panama and South Korea that would help open overseas markets to U.S. exporters and investors. “These free trade agreements currently on the President’s desk have been languishing for three to three and a half years, while countries around the globe are negotiating dozens of FTAs to boost trade with other non-U.S. countries.” Read More…

The recovery in the U.S. economy has been stronger than expected, although growth is expected to slow over the next few years, according to the International Monetary Fund.
In an annual review of U.S. economic conditions released Thursday, the IMF attributed the economic recovery to a “powerful and effective policy response” as well as improved financial conditions.
The IMF conducts annual reviews of the economic policies and performance of member nations. The findings are submitted to the IMF’s board and subsequently presented to the country’s authorities.
“While still modest by historical standards, the recovery has proved stronger than we had earlier expected,” the IMF said.
However, the group cautioned that household finances are likely to remain under pressure due to persistently high unemployment.
The IMF expects U.S. gross domestic product to grow at a 3.3% annual rate this year. But growth is expected to slow to 2.9% in 2011 and 2.6% by 2015.
GDP grew 2.7% in the first three months of 2010, according to the U.S. Commerce Department.
Meanwhile, the U.S. jobless rate is expected to remain above 9% this year and next. Unemployment will decline to 8.4% in 2012 and 6.3% in 2015, according to IMF estimates. Read More…

Tesco.com has placed a sizeable order for 795 Iveco light commercial vehicles that will be used to service the retailer’s home-delivery operation.

Of the total order, 770 vehicles will be Daily 35S11s with Iveco’s AGile automated manual transmission, while the remaining 25 will be natural-gas variants.

Dino Papas, fleet transport manager at Tesco.com, says: “The scale of the CBM [compressed biomethane] trial will allow us to assess the performance of the natural gas vehicles comprehensively. It is one of the most important trials we have ever run, and if it proves successful, it could have a major impact on our future transport strategy.”

Once all the vehicles are delivered, Tesco.com will be one of the largest operators of Iveco Dailys in Europe. Each Daily will be fitted with Solomon triple-compartment bodies and Hubbard and GAH refrigeration units.

Papas adds: “We opted for the AGile transmissions as Iveco’s trial data shows that it reduces wear and tear on the driveline in urban applications, where the mainstay of our fleet operates. It is also proven to optimise fuel economy, which supports our environmental goals, and will allow our drivers to place maximum attention on the road ahead.”

Tesco.com’s latest acquisitions will be fitted with a Microlise on-board telematics system, which provides the fleet managers with data on fuel consumption, driving style and vehicle performance.

Dubai, UAE, June, 2010:  Major international manufacturers are expressing confidence in the Middle East construction market and are actively pursuing expansion plans as the market continues to recover from the economic downturn.

Fibo intercon, a leading Danish supplier to the global concrete industry with more than 70 years experience, said the Middle East region presents many opportunities for manufacturers from Europe looking to expand their operations following the downturn.

“We are focusing a lot of attention on the Arab markets at the moment. We want to strengthen our position in the MENA region, extend our representative network and establish our own sales organisation in the UAE to capitalise on the ongoing opportunities here,” said Jens Bollerup, Managing Director and CEO of fibo intercon.

The company, which manufactures and delivers mobile, semi-mobile and stationary concrete batching plants as well as production equipment and complete production systems globally, is participating in the Big 5 PMV, the region’s leading exhibition for construction plant, machinery, equipment and vehicles from 22-25 November in Dubai to meet potential business partners and customers from the region.

Fibo Intercon will also use the event to launch updated versions of their mobile batching plants B1200 and M2200.  “The global economic slowdown provided an opportunity for us to be more innovative and ‘think outside the box’. We look forward to presenting the mobile batching plants at the show, which have been adapted to meet the requirements of the MENA market,” said Bollerup. Read More…

Volvo Construction Equipment Europe has extended its partnership with Perlini Equipment SpA to sell and support Perlini’s range of Rigid Haulers through Volvo Construction Equipment’s distribution network in selected markets around Europe. Volvo Construction Equipment Division, Volvo Group UK Ltd is the latest addition to the scope of the agreement with Hillhead 2010 acting as the launch venue for this venture.

The Volvo CE dealerships in Austria, Bosnia-Herzegovina, Croatia, Czech Republic, Hungary, Ireland, Moldavia, Norway, Portugal, Romania, Slovakia and Slovenia were the first to operate under the European umbrella agreement, and now the partnership extends to the company owned dealership in Great Britain. “We are delighted to be able to announce this here at Hillhead 2010” says Nick Rose, responsible for Business Development in Volvo CE Europe, “as the Perlini products have been proven to plug the gap in the Volvo range to allow our distribution network to offer complete solutions to our quarrying and aggregate customers.” Read More…

The organizers of Beijing International Construction Machinery Exhibition & Seminar (BICES) announced that BICES 2011 would be held from 18^th to 21^st, October, 2011 at Beijing Jiuhua International Exhibition Center on June 30^th, Beijing. They will also launch 2011 China International Commercial Vehicle Exposition (IVEX 2011) which will be co-located with BICES 2011 together with China Machinery Industry Federation (CMIF). The exhibits includes Construction Machinery, Building Machinery, Mining Machinery, Trucks, Buses, Special Vehicles and Special Refitted Vehicles, etc. The organizers of BICES 2011 are still China Construction Machinery Association, China Construction Machinery Co., Ltd. and CCPIT Machinery Sub-council. The International Partner is Association of Equipment Manufacturers (AEM) which takes charge of the recruitment work of exhibitors in North America and organizing work of overseas visitors around the world.

Organize a well-diversified exhibition and improve the value and quality of the exhibition through service

The change of BICES’s Chinese name shows the idea that BICES expands its exhibits range, attracts visitors from relevant fields and promotes exchanges between exhibitors and visitors. Holding 2011 China International Commercial Exposition (IVEX 2011) together with China Machinery Industry Read More…