Good News From The Labor Market

It seems that much of the news coming out of the DOL is about negative things happening in our economy or associated with certain employers and industries so it was nice to see SECRETARY HILDA SOLIS from the Department of Labor post a positive message about growth and hiring in the automotive industry. Does this mean that the Federal investment into the big car makers was a good idea? Maybe it was. See link and announcement below.

http://social.dol.gov/blog/continuing-signs-of-strength-for-america%E2%80%99s-auto-industry/

Continuing Signs of Strength for America’s Auto Industry
by SECRETARY HILDA SOLIS on MAY 25, 2011

After years of uncertainty, the past few weeks have held positive news for the American automotive industry. All three American automotive manufacturers are operating at a profit. Recently, GM announced it would be investing $2 billion in 17 facilities nationwide, adding jobs and increasing security in these affected communities. And just yesterday, Chrysler announced it would be repaying $5.8 billion to the U.S. Department of the Treasury.

The latest announcement from Chrysler comes six years ahead of schedule and just two years after emerging from bankruptcy. It marks a significant milestone for the turnaround of not just the company, but also the countless communities and families who rely on the American auto industry.

Supporting the American auto industry required making some tough decisions, but President Obama was not willing to walk away from the workers at Chrysler and the communities that rely on this iconic American company. The President called on Chrysler to take difficult steps necessary to become more competitive, and in return pledged that America would stand by them. They stayed true to their word, and so did the President.

While there is more work to be done, we’re starting to see stronger sales, plants adding shifts to keep up with rising demand, and workers being recalled in communities across the country. These signs of strength are a testament to the work of this administration and to the resolve and determination of American workers.

As co-chair of the White House Council on Automotive Communities and Workers, I am proud of the commitments this administration made to the automotive industry. American automotive manufacturers and the communities they call home are integral to the American way of life. Chrysler repaying their debt to the American taxpayers proves that our faith in this industry, these communities, and these workers was a worthwhile investment.