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Auto and Insurance Industry

In: Business and Management

Submitted By jwalker84
Words 596
Pages 3
More than one million Americans are employed in manufacturing motor vehicles, equipment and parts. With the development of the 3 big manufacturers, the effects have changed the structure and location of the U.S. motor vehicle industry. Whatever changes are occurring globally or within the domestic market, production and sales in the U.S. remain at historically higher levels. Gross output in the U.S. automotive manufacturing sector in 2004, including motor vehicle parts, trailers, bodies, and heavy trucks was $424 billion. That was the largest output of any durable goods manufactured product measured by the Commerce Department Bureau of Economic Analysis (BEA). Real output has increased 55% since 190, compared to 35% for manufacturing as a whole. The industry has expanded from just over $100 billion per year in the late 1970s to nearly $500 billion in 1999, which is still the all time peak. Gross output declined in 2000-01, rose to $436 billion in 2002, but fell slightly to $425 billion in 2004. Gross output includes the value of intermediate inputs as well as that of the final assembly process. The automotive industry includes those industries associated with the production, wholesaling, retailing, and maintenance of motor vehicles. The average hourly income for the automotive industry varies depending on which industry you are dealing with varies. In the manufacturing industry the annual average for 2010 was $22 an hour. Today there has been little change in that rate. In a 12 month period there has only been about a twelve cent difference in that rate. The industry has not changed much; in fact some salaries have only changed by just a little. U.S. import prices increased .3 percent in July after declining .6 percent the previous month. Over a period of 3 months, import prices decreased .1 percent.

The insurance industry consists mainly of...

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