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Manufacturing Economy

From research labs to dealership lots, the auto sector supports nearly 8 million U.S. jobs.

Exports. The auto industry is America’s largest exporter. Over the past six years, automakers and suppliers have exported nearly $600 billion worth of vehicles and parts. They beat the next best performing sector (aerospace) by $74 billion. Last year alone, automakers and suppliers out-exported the aerospace industry by $20 billion.

Raw Materials and Parts. The U.S. auto industry is one of the largest consumers of domestic raw materials and parts. Last year, automakers sold nearly 13 million cars in the U.S., and each contained between 8,000 to 12,000 parts, using more than 3,000 pounds of iron, steel, rubber, glass and semiconductors. Approximately 686,000 Americans work at the plants, offices and research labs that produce those parts and materials.

American Research & Development. Designing those 8,000 to 12,000 auto parts and helping put them together makes autos among the most engineering-intensive industries in the world. In fact, eight out of the world’s top 25 corporate investors in research and development are automakers. GM and Ford each invest more each year on research and development than Boeing, Amgen and Google – and 80 cents of every dollar they invest in research and development is spent here in the U.S. Thanks largely to this investment, nearly one in 10 engineers and scientists in private sector R&D work for an automaker or supplier.

Sep 24 2013
Inside U.S. Trade

A Senate letter demanding that the Obama administration include disciplines on currency manipulation in trade agreements, including the Trans-Pacific Partnership, has attracted 60 signatories, with more than half of them from the Banking, Finance and Foreign Relations committees.

Sep 24 2013
Written by David Shepardson | Posted on The Detroit News

A bipartisan group of 60 U.S. senators on Tuesday urged the Obama administration to address foreign currency manipulation in the Trans-Pacific Partnership trade talks.

Sep 24 2013
Written by Todd Spangler | Posted on Detroit Free Press

A group of 60 senators, led in part by U.S. Sen. Debbie Stabenow, D-Mich., have sent a letter to Treasury Secretary Jacob Lew and the U.S. trade representative asking that concerns about foreign currency manipulation be addressed in talks related to a Pacific Rim trade agreement.

Sep 24 2013
Written by William Mauldin | Posted on The Wall Street Journal

A group of sixty U.S. senators on Tuesday asked the Obama administration to consider the issue of currency manipulation as a part of major trade negotiations among Asia and Pacific nations.

Sep 24 2013
Written by James Politi and Shawn Donnan | Posted on The Financial Times

A bipartisan majority of the US Senate demanded that US President Barack Obama address “currency manipulation” in trade negotiations with 12 Pacific nations, throwing up a potential roadblock as the talks approach their final stages.