Automobile industry shows growth
Published By : 04 Aug 2014 | Published By : QYRESEARCH
Automobile manufacturers drove the hiring activity in top gear for the month of July. Generally this is during this time frame automakers shut shop to retool for the models to be made in the next year. But, the sector added about 14,600 jobs.
This is the strongest hiring seen since November 2013. It is tantamount to more than half of what manufacturing jobs recruited in the previous month.
The demand for hiring has been up due to the rise in sales. The sales for key players such as Nissan, Ford, Toyota, and Chrysler rose up in double-digits in July year-on-year.
Many consumers are borrowing from banks to purchase trucks and cars. These loans are confirmed by Credit National Association, which stated, auto loans went up to 19.4% year-on-year for new vehicles.
Although the rate of unemployment went up from 6.1% to 6.2% as those who were looking for employment, were also counted in as unemployed.
About 209,000 jobs were added to last month by various industries put together. Amongst the boost seen in hiring, some of the other sectors to experience this boost were restaurants, hotels, financial services, transportation. About 11,000 jobs in the public sector were attributable to the local governme nts; the retailers added to about 26,700 jobs; residential construction added 13,000 jobs, despite the decline in the home retail market. The engineering and architectural sector has also seen an addition of 8,000 jobs.