A big year for auto industry layoffs.The U.S. automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. has announced the layoff Layoff 1. When a company eliminates jobs regardless of how good the employees' performance. 2. A risk reduction, made by investment bankers, that minimizes the potential downside associated with a commitment to purchase and sell a stock issue unsubscribed by stockholders holding of almost 90,000 workers so far this year, and this year's total could top the 110,000 announced layoffs made last year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Challenger Gray & Christmas. "Suppliers may be the next source for major workforce reductions as they adjust to the new reality of smaller American automakers," says the outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. firm. "Plant closings by Ford and General Motors will also ripple through the economy possibly resulting in job cuts throughout a variety of industries as communities struggle with higher unemployment." Last year at this time about 83,000 layoffs had been announced in the automotive sector. This year's job cut announcements of 87,000 already exceeds the total number of layoff announcements made in 2004 (77,174) and 2003 (74,506). The highest number of layoff announcements made over the past 10 years in the auto sector occurred in 2001 at 133,686. |
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