Day: September 26, 2008

Final Estimates: GDP Grows at Rate of 2.8% in 2Q

Real gross domestic product -the output of goods and services produced by labor and property in the U.S. -increased at an annual rate of 2.8% in the second quarter of 2008, (that is, from the first quarter to the second quarter), according to final estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.9%.
The GDP estimates are based on more complete source data than were available for the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was 3.3%.
The increase in real GDP in the second quarter primarily reflected positive contributions from exports, personal consumption expenditures (PCE), nonresidential structures, federal government spending, and state and local ...

Durable Goods Orders Decrease in August

New orders for manufactured durable goods in August decreased $9.9 billion or 4.5% to $208.5 billion, the U.S. Census Bureau announced . This was the largest percentage decrease in new orders since January 2008 and followed three consecutive monthly increases including a 0.8% July increase. Excluding transportation, new orders decreased 3%. Excluding defense, new orders decreased 5.0%.
Shipments of manufactured durable goods in August, down following two consecutive monthly increases, decreased $7.7 billion or 3.5% to $210.1 billion. This was the largest% decrease in shipments since December 2002 and followed a 2.3% July increase.
Unfilled Orders
Unfilled orders for manufactured durable goods in August, up thirty of the last ...

US Electrical Services Buys Maurice Electrical Supply

Maurice Electrical Supply Company Inc., Washington, D.C., has been acquired by US Electrical Services, Inc., which is owned by Consolidated Electrical Distributors.
Maurice has been a family-owned independent distributor since 1922.
Chairman and CEO Bruce Kogod will continue with the company as will the entire senior management team. I'm very excited to join the USESI Company and continue to grow our business in the Mid-Atlantic"said Kogod. "This decision was made because it is the best situation for the entire Maurice family of employees as well as the shareholders. The synergies make this a great opportunity to compete and win more business for years to come. Our future is very bright, and I have a big stake in the success of the new company."
The ...

L&P Plastics Acquired

Monomoy Capital Partners has acquired L&P Plastics, LLC from Leggett &Platt, Inc.
L&P Plastics, a non-core operating division of Leggett &Platt, manufactures and designs  custom plastic components for the power tool, medical device, furniture and automotive industries. The company has more than 400 employees and provides a full range of tooling, molding and assembly services, including injection molding, gas-assisted molding, insert molding and structural form molding.
L&P Plastics'larger customers include Briggs &Stratton, GE Medical, Caterpillar, Humanscale, Leggett &Platt and Key Safety Systems. The company will be part of a growing Monomoy manufacturing portfolio that includes Compass Automotive Group, Inc, a manufacturer of safety-critical auto parts, ...