Smokestack slack: U.S. factories produced less in May than in April, as automakers cut back on output for the first time in six months. A Federal Reserve report out this morning indicates that manufacturing, a key driver of economic growth, is slowing. Factory output declined 0.4% last month, after increasing 0.7% in April. Auto production fell 1.5%, the first drop since November. Get more figures in the full story here.
Slippery slope: The unthinkable suddenly looks possible: Bankers, governments and investors are preparing for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system. In the worst-case scenario, governments default on their debts, a run on European banks occurs, and a worldwide credit crunch ensues that’s reminiscent of the autumn 2008 financial crisis. A Greek election on Sunday will go a long way toward determining whether the exit and its anticipated aftermath happen. Read the full story from The Associated Press here.
Robots for the masses: The co-founder of a large Russian Internet company wants to invest in the types of robotics envisioned in The Jetsons—that 1960s cartoon portraying a family from the future, with flying cars, robot maids and all sorts of push-button inventions. The robots that Dmitry Grishin is looking for are aimed at the mass market. Beyond vacuum-cleaning devices, this could include robotics technologies used in transportation, entertainment or health care. Check out the complete story here.
