Afternoon Coffee: Analysts Call for Oil Producers to Cut Back, Ford Hires Second Steel Frame Supplier For F-150 Truck

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Due to the oversupply of oil in the US and the continuous drop in prices, analysts say oil companies need to reduce output by at least 500,000 barrels a day. However, some major American energy companies are still producing record amounts.

Ford Motor Co. is now using a second supplier for F-150 steel frames in order to meet demands for its most popular truck. Ford’s previously sole supplier of the frames Metalsa SA, which is based in Mexico, was having trouble producing enough F-150 frames.

US auto imports hit a record during the first half of 2015, increasing $10.8 billion to reach $171.5 billion, the Census Bureau reported earlier this week.

The US economy added 215,000 jobs during July, less than the 225,000 economists had expected, but still showing growth in the labor market. The US unemployment rate remained at 5.3%, a 7-year low.

 

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