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Essay / The manufacturing workforce in the United States - 654
In the United States, the automobile industry in 2008 employed about 880,000 workers, or about 6.6% of the manufacturing workforce, including workers who assemble cars and workers who assemble the engines of those vehicles . , since the start of the decade, the auto industry has managed to eliminate 435,000 manufacturing jobs, which is equivalent to 3.3% of all manufacturing jobs that existed in 2008. The employment rate fell for the first time below the million mark in early 2007. In the latter half of 2008, the global recession had repercussions on the American economy. A combination of factors has led to a widespread crisis in the United States auto industry. In the United States, auto sales declined in the years leading up to the Depression and a credit crunch. In 2008, following a huge drop in sales at General Motors, Ford and Chrysler all requested emergency loans to cover the cash shortage and in 2009 the situation got even worse. General Motors and Chrysler faced imminent bankruptcy. http://digitalcommons.ilr.cornell.edu/cgi/viewcontent.cgi?article=1671&context=key_workplace This idea that there would be massive job losses and serious damage to the US economy during this economic crisis, finding new jobs was extremely difficult and the unemployment rate was extremely high and it was the least educated workers who were most at risk of being laid off, but even the most educated workers were laid off during the recession. The job loss rate for college graduates was 11% and was the highest since the 1980s, and the older the workers, the more likely they were to lose their jobs. The duration of these unemployments was also reaching new records at an average level...... job loss in the auto industry and everyone was affected, from older workers to younger and more educated and workers the least educated. With the bailouts and restructuring of the three automakers in the United States, many jobs have been lost and replaced by machines. Some worry about this, but in fact it serves as security for a future recession. A good example that we should take from this event is the fact that Ford was the only forestry company in the United States to emerge without going bankrupt. but looking back it seems like every recession is worse than the last, so one piece of advice that could be given to these businesses is to try to save for future emergencies, because maybe in the future there won't there will be more foreign companies willing to invest and save them especially in a global crisis where every country feels the effects.