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Auto industry cutting jobs at the fastest pace since the financial crisis

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finprep
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28 days agoSteemit

Donald Trump staked his first campaign on bringing the jobs back. This is probably going to be part of his second campaign.

The challenge for him is the auto industry, one of the mainstays of U.S. manufacturing, is laying off people at a pace not seen since the Great Recession.

So far this year, which is only through April, there are just shy of 20,000 job cuts announced. Ford added to it by stating it will lay off 10% of its workforce.

Auto manufacturers are facing a number of issues. There was a slowdown in buying due to the cyclical nature. The trade war with China is not helping. Finally, the industry is transitioning as models change and electric vehicles entering the picture.

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