GENERAL MOTORS AUTO SALES SLUMP 45% - 100,000 Auto Jobs At Stake

(11/05/2008)

Ford is reporting a 29% drop in sales for the month compared with last year. General Motors is down 45%. Among imports, Toyota falls 21% and Honda, 26%. Total U.S. automobile sales in October slumped to 838,156 cars and light trucks, a 32% decline from the same month last year. Several hundred thousand auto industry jobs are at stake. Dealers across the nation are folding at record rates. October is the slowest month yet for automakers that have found themselves pummeled again and again by high gasoline prices, low consumer confidence and frozen credit markets. Low car sales is a fresh reminder of the troubled state of the economy. The industry's woes have driven the Detroit carmakers to seek aid from Washington, approaching Congress, the Treasury Department and the Federal Reserve for funding or other financial relief.

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