How Many Jobs Depend on the Big Three?
“The auto industry supports one of every 10 jobs in the United States,” Gov. Jennifer M. Granholm of Michigan wrote in a CNN.com plea for a bailout of Detroit’s Big Three. The day before, she told “The Early Show” on CBS that “this industry supports one in 10 jobs in the country,” adding, “If this industry is allowed to fail, there will be a ripple effect throughout the nation.” Many others have used the same statistic.
That’s a scary figure. It’s also somewhat misleading.
The NY Times explains why.
MP: For one thing, the "1 in 10 jobs" figure is an industry-wide statistic that includes jobs at car washes and taxi drivers. Since the Big Three has only a 48% market share, that would mean that only about 1 in every 22 jobs is tied to the Big Three, not "1 in 10." And that's just the start of why "1 in 10 jobs" is somewhat, or even very misleading.