This Morning in Metals: General Motors to increase deliveries to US, Canadian customers
This morning in metals news: General Motors says it will increase vehicle deliveries to customers in the US and Canada; US nonfarm business sector labor productivity rose by 5.4% in the first quarter; and crude oil prices continue to rise.
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General Motors to increase deliveries to US, Canada
General Motors announced plans to increase vehicle deliveries to customers in the US and Canada.
The automaker cited “strong demand” for Chevrolet, Buick, GMC and Cadillac vehicles.
Production of the Chevrolet Silverado HD and GMC Sierra HD full-size pickups will increase by about 1,000 trucks per month, General Motors said, beginning in mid-July. In addition, shipments of Chevrolet Colorado and GMC Canyon mid-size pickups will increase by about 30,000 total units from mid-May through the week of July 5.
“As announced in May, GM will return full-size pickup production to Oshawa Assembly in Canada during the fourth quarter of 2021,” the automaker added. “The new accelerated timeline and incremental volume are expected to make an impact in 2022, as production ramps up.”
Productivity up in Q1
Nonfarm business sector labor productivity rose by 5.4% in Q1 2021, the Bureau of Labor Statistics reported.
Furthermore, output increased by 8.6% and hours worked increased by 3.0%.
Manufacturing sector labor productivity, however, fell by 1.7% in the first quarter of 2021. Manufacturing output increased by 1.4% and hours worked increased 3.1%. Meanwhile, manufacturing productivity increased by 1.8% from Q1 2020 levels.
Crude oil price rises
The price of oil continues to show some strength of late.
The WTI crude oil price closed Wednesday at $68.83 per barrel, according to the Energy Information Administration (EIA). The price marked an an increase of $2.62 per barrel from the previous week. Meanwhile, the price is up by $32.02 per barrel from a year ago.
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