ON TAP TOMORROW LEADING THE DAY BMW to shift some SUV production overseas in response to tariffs: BMW said Monday that it would move production for some of its SUVs out of the U.S. as a result of new tariffs placed on the vehicles, according to The Post and Courier. The German-based automobile manufacturer signed an agreement with its Chinese partner, Brilliance Automotive Group Holdings, to increase the number of vehicles produced in the country, according to the Charleston newspaper, with the total reaching 520,000 by 2019. The company also said that it will raise prices for U.S.-produced SUVs sold in China because it is "not in a position to completely absorb the tariff increases" after China slapped a 40 percent tariff on U.S. car imports, according to the newspaper. The action was in response to tariffs on Chinese goods imposed by President Trump. Record number of Americans quitting their jobs to seek better opportunities: A record number of Americans are quitting their jobs to seek better opportunities, according to Labor Department data. The rate of U.S. employees quitting their jobs reached its highest rate in 17 years, rising from 2.3 percent in April to 2.4 percent in May, when 3.56 million Americans left their jobs. Rising "quit rates" are considered positive because they often indicate employees are leaving their current positions for jobs with higher wages and better benefits. The Labor Department data show there were fewer job openings in May than there were in April, but considering April's number of job openings was a record 6.84 million, the 6.64 million jobs available in May still indicates a strong economy MARKET CHECK: From CNBC: "Stocks closed higher on Tuesday as the latest corporate earnings season got underway while worries of an ongoing trade war declined. "The Dow Jones Industrial Average rose 143.07 points to 24,919.66 as DowDuPont and Procter & Gamble outperformed. The 30-stock index also posted its fourth straight day of gains. The S&P 500 gained 0.4 percent to 2,793.84 -- its highest since Feb. 1 -- with telecommunications and staples both rising at least 1 percent. The Nasdaq Composite closed just above breakeven at 7,759.20." |
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