It is not clear how vehicles will change within the coming years, however automakers and suppliers not have the luxury of sitting out the transformation. Average weekly earnings within the automotive industries had been $948 in 2012 (expressed in 2002 constant dollars), up eight.6% from the previous 12 months (Chart 7). This was the largest annual earnings increase the sector has recorded since 1992, and was largely driven by positive aspects in motor vehicle manufacturing (Chart eight). Regardless of this enhance, earnings in 2012 in the auto sector had been nonetheless 8.6% decrease than the pre-recession peak of $1,037, recorded in 2007.
Whereas I’ve began with a higher than current market fuel value I assumed three% annual growth for fuel prices and with the volatility within the oil markets this may increasingly show to be far off the mark. In 2012, the automotive sector employed one hundred fifteen,000 persons in … Read the rest