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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

GM Cutting 2,000 Jobs In Ohio, Michigan

Struggling U.S. auto giant General Motors, the recipient of $13.4 billion in emergency federal loans last month, said this morning that it will cut 2,000 jobs at its assembly plants in Ohio and Michigan.

The company will also schedule downtime at most of its plants to save money and match declining demand for its products. GM's U.S. sales fell 23 percent last year, outpacing the general U.S. decline in vehicle sales.

A total of 14 of GM's 24 North American plants will feel idle time.

Ohio will get 800 of the jobs cuts, while 1,200 of the 2,000 will come from economically battered Michigan.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  January 26, 2009; 11:27 AM ET
Categories:  The Ticker  | Tags: Detroit bailout, GM  
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