Remember that September jobs report when the US supposedly only added 142,000 jobs, which was so bad it sent stocks soaring the most in years? As it turns out the sum was far greater than the parts, because according to today's BLS breakdown of jobs by state, not only did more than half, or 28, states lose jobs in September, but the total number of jobs losses, at 120,000, was about 20% more than the cumulative job gains of 99,000.
Ed. note: Cross-posted from U.S. Department of Labor's "Auto Communities" blog by Matt Erskine, Acting Assistant Secretary of Commerce for Economic Development (EDA) We all know the situation a few years ago when President Obama took office: the American auto industry was shedding jobs by the hundreds of thousands and General Motors and Chrysler were in financial crisis. In the year before GM and Chrysler filed for bankruptcy, the auto industry lost more than 400,000 jobs. Had President Obama failed to act, conservative estimates suggest that it would have cost at least an additional million jobs and devastated vast parts of our nation's industrial heartland. But that did not happen because the president quickly intervened to save the U.S. auto industry from collapse. Today, GM, Ford and Chrysler have all returned to profitability.President Obama's decision to respond so boldly was about more than the auto companies. It was about standing behind the countless workers, communities and businesses—large and small—that depend on the automotive industry. It was also about revitalizing American manufacturing.Across the administration, federal agencies have outlined an agenda to support growth, job creation, and competitiveness in U.S. manufacturing. The U.S. Commerce Department's Economic Development Administration (EDA) has a strong track record of working with automotive communities to develop plans for economic recovery. The agency's efforts to help revitalize the nation's auto industry have been significant in Fremont, California, where a large auto assembly facility operated by the New United Motor Manufacturing, Inc. (NUMMI) was shut down in early 2010. The plant had employed nearly 5,000 workers, with thousands more dependent on it. The blow to the local economy was severe.
WASHINGTON — Billionaire Wilbur Ross, chosen by Donald Trump to help implement the president-elect’s trade agenda, earned his fortune in part by running businesses that have offshored thousands of U.S. jobs, according to Labor Department data attained by Reuters.
MUMBAI: Automobile companies are rushing to renegotiate contracts with parts suppliers, because the new accounting standards will change the way assets and liabilities are recorded under such agreements, potentially upsetting loan covenants and creating tax complications. Tata Motors, Mahindra & Mahindra, Maruti Suzuki, and the local units of Hyundai Motor and Honda Motor are among companies that have already conducted an impact analysis of the new accounting standards - called Ind-AS - that will come into force on April 1.
Official data from the Office for National Statistics (ONS) showed that the auto industry recovered at an average rate of 3.1pc per quarter after the crash, and accelerated past its previous peak in the final three months of 2013.
This contrasts with the manufacturing sector as a whole, which averaged anaemic growth of just 0.3 per cent and remains below the heights it hit before the economic meltdown.
When you're planning a trip, one of the most important things to remember is factoring in the transportation cost. And that's especially true for space travel. Traveling to Mars is going to be expensive, so NASA is betting on the future development of a more efficient and less costly type of propulsion to get there.
Audi AG, subsidiary of Bavaria-based Volkswagen AG (ADR) (VLKAY), has reduced spare part prices in China. This was done because of the recently raised concern by The National Development and Reform Commission (NDRC) over what it said was an artificial increase in spare part prices by the luxury-auto maker.
The prices of spares for certain types of gearboxes, engines and body parts by Audi will be reduced by 16-38%. The revised prices will be effective as of Aug 1.
By David Hunkar: The automotive industry is one of the largest industries in the U.S. It can be considered the second largest industry after the real estate industry. The U.S. government considers the auto industry to be highly important for the country even going to the extent of bailing out the industry a few years ago.
Some interesting facts on the U.S. auto industry are listed below:
Shares in the auto industry have been among the leading performers over the past year, with the Dow Jones US Automobiles & Parts Index advancing 140%.Given the massive run-up in auto equities, is there money still to be made in these stocks?I believe the answer is yes.