WSJ: Ford auto sales plunge 31% GM sales sink 32%, Chrysler’s 35%

MSNBC.Com / Wall Street Journal ^ | 11/02/2002 | Wall Street Journal

[FormerLurker]

Unemployment is actually quite low (5.6% in September).

Just like Enron's books, those numbers can easily be "cooked"...

[Jorge]

Big 3 automakers’ figures drop over 30 percent vs. last year

Interesting considering this news;

US economy surges ahead
Thursday, 31 October, 2002, 13:51 GMT
By Steve Schifferes BBC News Online economics reporter The US economy posted its strongest growth since the last quarter of 2001, allaying fears of a "double-dip" recession.

Pushed higher by strong car sales, the US economy expanded at an annual rate of 3.1% in the three months of July, August and September.

Guess the strong car sales have dropped off this month?

[MeneMeneTekelUpharsin]

Teachers make $42,000 per year.

Wife and kids packed...ready to go. Where? Where? Tell me where!!!!!

[SamAdams76]

I have fewer repair bills than people I know with much newer cars ---but partly that is some mechanics are way overpriced and you can save a lot there too buy being careful.

People that buy brand new cars are often told they must bring the cars back to the dealers for service (at least for warranty work). Dealer service is notoriously bad and it is hard to establish a business relationship with them because the turnover is so high in those places. So not only are they faceless to you but you are faceless to them as well. Often the work is being performed by some kid hired off the street and the service manager is paid bonuses on how much work is billed so they are always trying to hit you up for additional service that isn't required. (Oil change places like Jiffy Lube and Pep Boys are known for this too.)

The best thing you can do is find a local garage in your community and once they have proven themselves, give them all your business, even the oil changes, and always pay them on time. They will appreciate it and as you become a "regular," they will start taking care of you. Especially if you refer other people to them (and let them know you are doing it). I've been going to the same garage for over 10 years now and have given them many other customers. I know most of the mechanics on a first name basis because they have been there for years. As a result, they always jump for me when I need something done and they drive me or my wife home or to work if they need the car for the day. I can now buy my used vehicles with confidence because these guys will go over it with a fine-toothed comb and ensure that I am getting a good deal.

Mechanics in the dealerships and chain-store garages like Goodyear are generally not interested in your return business. They only care about how many dollars they can squeeze out of anybody who wanders in.

[FormerLurker]

The jobs you list all require training, certifications, licenses, and experience. Try getting into one of those jobs when you've been an engineer all of your professional life who's over 40 with a family to support. It doesn't happen.

[Bobby777]

thanks everyone for your replies ... informative, funny and surprising in a couple cases ...

[Koblenz]

These numbers probably look much worse than they are. They are being compared to Oct 2001. In Oct 2001, there were a lot of incentives in place. Also, many people delayed purchases in Sept 2001 and moved them into October 2001. After the terrorist attacks, people probably wanted to stay home with their families (or dad was stranded on his one day business trip because planes were not flying).

A more proper comparison would be Sept-Oct 2001 vs. Sept-Oct 2002.

[txjeep]

Just like Enron's books, those numbers can easily be "cooked"...

Yes, and if Clinton were still in office, I'd be as suspicious as you. But he's gone now and Bush is in charge. He wants Republicans to win, but he is not one to lie, cheat, and steal to get there. The unemployment rate always seems like 100% when it's you. If you are unemployed, I wish you God's speed in getting your dream job. However, all indications are that unemployment on the whole is not a problem for the nation. When capital spending picks up again in 2004, we will be hearing wage inflation talk again from the Federal Reserve. You mentioned engineering. I am an engineer by training. Engineering construction firms (Flour, Kellogg, Technip, etc.) get hit the worst in times like these. But, they always bounce back when cap ex improves. I have not heard much yet about 2003 cap ex budgets, but I expect some improvement over 2002 levels.

[FormerLurker]

The engineering fields that I was referring to are software and electrical. Software engineering in particular has been especially hard hit not only due to the sagging economy, but due to the fact that Congress has capitulated to industry lobbyists who falsely claimed that there was a "shortage" of workers. They tripled the yearly quota for H1B foreign workers in the computer industry. While companies such as Lucent, Nortel, and scores of others layoff American engineers, foreign nationals come here to take our jobs. They do not get laid off. For more info, click below...

Take A Stand: Vote against H1B, Boycott H1B Companies

[monkeyshine]

Maybe I can get that new Cadillac DTS at a good price now.

[FlyVet]

My first car was a Ford and my last car was a Ford, but when Ford flew the North Vietnamese flag over corporate headquarters when they opened a plant in Viet Nam I wrote Ford and told them I would never buy another Ford.

Damn. It seems Ford is all about "diversity" these days. But it's getting to the point where I can't really buy a vehicle that isn't all about "diversity". Might as well buy a Toyota, at least they work fine, last a long time. /cynicism off/

[JasonC]

Those are the national average wages for those job types. Where is "here" for you?

[FormerLurker]

Not only was that not done but as I said when they opened the plant they flew the Vietnamese flag at corporate headquarters.

I can't believe that they would slap vets in the face like that. Then again, these days nothing surprises me. Were there any protests? Has Ford ever apologized?

Semper Fi

[JasonC]

Boston teachers earn more than most -

http://www.pioneerinstitute.org/csrc/publications/comp.cfm

There are vacancies -

http://jobs.boston.com/js.php?lookid=boston&view=2&q=teacher

Chicago needs lots of teachers -

http://www.cps-humanresources.org/TRecruit/Vacancies/VacByRecent.asp

The pay is about the national average, which is the figure I quoted before -

http://www.cps-humanresources.org/TRecruit/Benefits.html

Poke around, these are not hard to find...

[JasonC]

Of course good jobs require some skill or training. But if you have an engineering background and thus are educated, it will not be hard to get ahead in any trade you set your sights on. You aren't going to start as a foreman obviously. But in a year or three your talents will show.

[Professional]

Please pay attention.

You can re finance a loan, but not the price of something. Car makers jacked up prices and lowered the finance rates with this in mind. Look at the sticker prices lately?!

[JasonC]

Look into the more technically demanding of the maintenance and repair type jobs. General technical skill, and familiarity with how modern devices work, is valuable in those trades, even if you aren't remotely doing what you've done before. There is plenty of such work and the pay is decent, because demand for it has gone up with installed base, while talented personnel have been chasing other chances. Use it or not, it is just a suggestion. YMMV.

[hford02]

Thanks for explaining. Sources these days never offer mitigation for any of the bad economic news they print.
We have a small retail business and our numbers have been
up 15-20% all year. We've already begun the best xmas season we've ever had. Certain industries like Airlines (for
obvious reasons), tech and communications are most affected;
but people in those industries made a potfull before this
downturn. I wonder where all that $60/hr + overtime went.?

[Skywalk]

Um, I think you make the mistake of linking Chinese SOP with Vietnamese. While the CP in VN still holds absolute power, they do not own the people working in the factories. The people who are on WAITING LISTS to work at Pepsi and Nike factories are just regular cats who want to make more money than is possible in any other line of work in the country(less'n you're a Commie Party fatcat or one of the few lucky entrepreneurs) They are there to support families and have a better life. They don't HAVe to work there, except the pay is too good to pass up.

You would deny truly poor people a better life because of a war that they had no part in(75% of the VNese populace wasn't even born before 1975)

[Skywalk]

Uh, I think Ford is in Viet Nam because of a cheaper and eager labor force, NOT for diversity. Let's not allow our ideology to cloud common sense.