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AUTOMAKERS' INDUSTRY CRISIS * USA - Auto collapse would ripple across country
Twenty-seven states would lose more than 10,000 jobs each if the domestic U.S. auto industry collapses, with triple that number of jobs likely lost when including parts suppliers...
Detroit,Mich,USA -The Detroit News, by Ron French, Rob Snell and Alisa Priddle -November 19, 2008: -- ... internal documents from the carmakers show... While the traditional Midwest manufacturing states would be by far the hardest hit, an analysis by The Detroit News of data obtained from General Motors Corp., Ford Motor Co. and Chrysler LLC paint a grim portrait of the economic tidal wave that could spread across the country if Detroit's Big Three don't survive their current financial woes... There are roughly two auto parts workers for every Big Three employee, according to David Cole, chairman of the Center for Automotive Research in Ann Arbor... Ford has 34 auto parts suppliers in Connecticut, for example; Chrysler has 37, and GM has 211... While the automakers are often portrayed as a Michigan industry, more than half the states, ranging from the Atlantic to the Pacific and from the borders of Mexico and Canada, would lose more than 10,000 direct auto company and dealer jobs if the Big Three go under; with suppliers added, the number is likely to be more than 30,000 jobs in each of those states... Job losses at the automakers and auto suppliers would lead to others, according to a study conducted by Cole's organization, which conducts research for the car industry... A report released earlier this month estimated that nearly 3 million jobs would be lost in the United States in the first year after GM, Ford and Chrysler ceased to exist, with $60 billion lost in tax revenue... "If you let this thing get away from you, the consequences are enormous," Cole said...
Labels: automakers' crisis
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