Afternoon Coffee: Airplane Orders Boost Durable Goods Data, Fiat Chrysler Faces Record High Fine

Durable good orders rose 3.4% in the US during June, due in large part to the increase of orders for passenger airplanes. Transportation orders aside, overall orders rose 0.8%, which was the largest increase since August 2014.

The National Highway Traffic Safety Administration has imposed a civil penalty fine of $105 million on Fiat Chrysler for failing to adequately complete recalls for 11 million vehicles. The fine is the largest ever given to a car maker for recall violations.

Factory activity in China recently hit a 15-month low, prompting the country’s State Council to release a list of measures it plans to take improve its trade sector. For example, China plans to increase imports and exports and remove trade-related fees.

US energy companies will lay off more workers and look to sell more assets in response to crude oil prices falling below $50 a barrel. For instance, Halliburton and Baker Hughes announced 27,000 job cuts between the 2 companies, double the layoffs they announced in February.

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