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Monday, November 21, 2005

As the World Churns

All those churned real estate agents won't be selling cars instead of houses. Workers in the auto industry are getting churned too:

GM Chief Wagoner to Announce Plant Closings Today, People Say, Bloomberg: General Motors Corp. Chief Executive Rick Wagoner... today will announce ... efforts to reduce costs... The world's largest automaker will idle or reduce operations at about nine manufacturing sites and close other non-manufacturing facilities such as parts depots... GM will likely eliminate at least 32,000 jobs ... by 2007, said Rod Lache, an analyst at Deutsche Bank Securities Inc. in New York. That's a bigger and faster cut than the 25,000 jobs Wagoner promised to cut five months ago... Coupled with the idling of GM factories [elsewhere] this year, it would ... lower ... North American assembly capacity to 4.4 million vehicles by 2007, compared with 5.8 million at the beginning of 2005. ... ''Over the long term, if GM keeps losing market share, everything is up in the air,'' Hargrove said. The CAW agreed to more than 1,000 GM jobs cuts last month. ''The October numbers were just horrible.''...

    Posted by on Monday, November 21, 2005 at 12:42 AM in Economics | Permalink  TrackBack (0)  Comments (5)

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