Automobile Industry Impact on US Economy

Automobile Industry Impact on US Economy

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Automobile Industry Impact on US Economy
How the industry affects the US.

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What is the Automobile Industry on US Economy?
The automobile industry has a significant impact on the US economy. The Big Three automakers (Ford, Chevrolet, & Chrysler) themselves provide close to 250,000 jobs in the United States. In addition, suppliers that provide components to the US automobile industry also employ an estimated 750,000 people. So, the total number of jobs directly related to the US automotive industry is nearly 1,000,000. No doubt, 1 million jobs is a lot! This number gives you an idea of how the auto industry affects the US economy.

Automobile industry impact on US Economy

Some people have stated that if the US auto industry went under, that it would affect over 3 million jobs. This is likely an exaggeration that is based on doomsday predictions of other businesses going under that are indirectly linked to the automobile industry. Even so, 1 million jobs is a significant number. With higher unemployment rates, people spend less money which in turn affects other businesses. High unemployment rates have a negative effect on the economy. This is why the automobile industry impact on US economy is significant.