Auto-Sector Jobs Account for Much of October Growth
WASHINGTON — The auto sector accounted for 12,500 new jobs in October — as it remains a bright spot in the struggling economy.
Over the last 12 months, the auto and parts industry has accounted for 75,000 new jobs, reported The Detroit News.
The Labor Department's Bureau of Labor Statistics reported Friday that the nation added 80,000 new jobs in October and the unemployment rate fell to 9 percent from 9.1 percent.
Auto dealers added 3,900 jobs to 1.049 million; auto parts dealers added 2,400 to 637,800.
Automakers and parts manufacturers added 6,200 to 710,400 jobs.
Over the past year, auto dealers have added 33,000 jobs, while auto parts dealers have added 12,000 jobs. Auto and parts manufacturers have added 30,000 new jobs.
But the growth comes after a severe decline in the sector, with hundreds of plants closed nationwide and tens of thousands of workers laid off as General Motors and Chrysler Group LLC underwent bankruptcy restructuring and many suppliers filed for bankruptcy.
The sector is down dramatically over the past four years, as automakers cut production, ended brands — such as Mercury, Hummer, Saturn and Pontiac — and closed dealers.
In October 2007, auto dealers employed 1.25 million people — or 200,000 more than today. Auto parts dealers employed 660,000 people — or 22,000 more than today.
Automakers and parts makers employed 990,000 people in October 2007 — 280,000 more than today.
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →