The USA Manufacturing Workforce Essay

669 Words3 Pages
In the U.S. the motor industry employed in 2008 around 880,000 workers that is around 6.6% of the manufacturing workforce and this include workers who put cars together to the workers who assembles the motors for these vehicles, since the turn of the decade the automotive industry has managed to eliminate 435,000 of manufacturing jobs that is equal to 3.3% of all manufacturing jobs that existed in 2008. The employment rate first dipped under 1 million in the beginning of 2007. In the latter half of 2008, the global recession took it’s affect on the United States Economy. There was a combination of factors that led to a widespread of crisis in the auto industry in the U.S. there were declining automobile sales in the years leading to the…show more content…
http://www.nber.org/digest/sep11/w17040.html So in an attempt to save the economy the American government together with the Canadian government stepped in with the Trouble Asset Relief Program (TARP) a massive bailout of $85 billion to allow these companies to restructure and save themselves both General motors and Chrysler fied for this protection by 1 June. Both companies came out of the recession with new owners, General Motors was primarily owned by the United States Treasury and Chrysler by United Auto Workers and Fiat S.p.A an Italian automaker. Both companies made big changes terminating contracts with hundreds of their dealership and General Motors stopped with the making of several of there brands as part of the bankruptcy proceedings and eliminating many jobs as part of there re structuring, many members of congress expressed there concerns with this. Ford was the only one of the three to survive with out entering bankruptcy partly due to credit obtained in 2007. As of 2012, the U.S. car industry has made somewhat of a recovering posting profits once again. General Motors had sales of more that 9 million vehicles, more than Toyota and as of 2014 numbers are higher then they were in 2007
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