12.11.08
US automakers: 2.5 million jobs in jeopardy
- Transport, General Motors, Announcements -
By Edd Snyder
THE financial storm that has swept across the globe since late summer has touched virtually every segment of the economy. It has hit millions of homeowners and affected thousands of small businesses as well as major corporations and even sovereign governments.
It has had a devastating effect on the auto industry, which has encountered a sales slump unlike any other in more than two decades and 2.5 million jobs in the U.S. are at risk.
The financial crisis is affecting the auto industry because the car business runs on credit, and the credit markets are not functioning as normal.
