Word: auto
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...late. Reich says all industries that rely on discretionary spending are at risk, while regions where at-risk industries once thrived could be battered. Dwindling housing and construction markets could cripple the Sun Belt; hospitality-heavy regions like Florida could suffer from a lack of tourist spending; and auto-manufacturing states like Michigan should brace for further blows. (See pictures of the Top 10 scared traders...
...Auto executives, though braced for hard times, were clearly stunned by the latest data. "If you adjust for population growth, this is probably the worst industry-sales month in the post-World War II era," says Mark LaNeve, vice president of sales for General Motors, the nation's largest carmaker, which reported a 45% drop in sales. "In my 27 years, I never saw a month like this. It was like somebody turned out the lights." Mike DiGiovanni, GM executive director of market analysis, says that in absolute numbers, sales of 851,000 units in October were the lowest since...
Across the board, auto executives see their plight linked to the credit crisis. "The customers need to have a clear mind that they can get financing," says Jim Press, vice chairman at Chrysler, where sales dropped 35% last month...
...stunning pieces on offer last month, though there didn't seem to be many takers. That's hardly surprising, of course: while banks and companies are laying off managers and white-collar staff by the hundreds, heavy industries are laying off blue-collar workers by the thousands. The GAZ auto works in Nizhni Novgorod has shut down its assembly lines; the giant Magnitogorsk Iron and Steel Works in the Urals has placed 3,000 workers on forced leave...
...lending arm, GMAC, is exploring ways to access funds in the $700 billion federal-bailout package, while the company reportedly is also seeking cash injections to cover potential merger costs. GM and Chrysler employ more than 200,000 U.S. workers and support many more jobs in the auto-parts and sales industries; GM's stock has fallen more than 80% since January. White House press secretary Dana Perino confirmed talks between federal officials and the struggling company but added that ailing U.S. carmakers "are dealing with some decisions that they've made in the past...