From the LOS ANGELES TIMES:
Taxpayers bailed out much of the U.S. auto industry. Now the carmakers might be what saves the nation’s economy from falling back into recession.
After a massive restructuring and several high-profile bankruptcies, a leaner, more aggressive auto industry is making a comeback, hiring workers and ramping up manufacturing plants. From a trough two years ago, Ford Motor Co., General Motors Co., Chrysler Group and other auto companies have added almost 90,000 manufacturing jobs, a 14% increase, according to federal employment data.
Job growth in Michigan, which was devastated by the downturn, is even more robust. That’s why Michigan’s jobless rate stood at 10.9% in July, well below the 12% rate of California…
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