Auto industry could lead U.S. economic recovery: survey

Source: Reuters

Auto industry could lead U.S. economic recovery: survey
By Reuters
Monday, August 1st, 2011 -- 7:50 am

DETROIT (Reuters) - The auto industry could lead an economic recovery in the United States, according to a recent survey by audit, tax and advisory firm KPMG.

Auto executives plan to do more hiring and more capital spending than executives in any other sector in the next year, according to the survey.

Sixty-two percent of auto executives said they expect to hire people in the coming year, compared with an average of only 52 percent of executives across all sectors. Similarly, 71 percent of autos executives said they expect to increase their capital spending in the coming year compared with an average of 59 percent of all executives.

Two years after the end of the U.S. recession, unemployment remains above 9 percent, U.S. consumer confidence hit a near two and a half-year low earlier this month and the U.S. government reached a last-minute deal late Sunday to avoid a U.S. debt crisis. All this has raised questions about the speed and strength of a U.S. recovery.



Read more: http://www.rawstory.com/rs/2011/08/01/auto-industry-could-lead-u-s-economic-recovery-survey/

And to have people who can afford to buy cars we need people who:

1. are working and,
   
2. who make enough to afford a new Detroit car and,
   
3. are confident enough that they will have a job in the near future to take out an auto loan.

And we're not likely to get enough people in those categories as long as we keep shipping jobs overseas. See this: America Inc. Outsourced to India or any of the recent posts about the CEO's who are shipping jobs overseas.

A propagandanews item on radio this morning suggested this could be the direction industries will be turning toward.