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Motor Vehicle Employment at Its Highest Since 1978

9 September 1998

'Economic Indicators' Shows That Motor Vehicle Employment Is at Its Highest Since 1978

    WASHINGTON, Sept. 9 -- Employment in the motor vehicle and
equipment manufacturing industry has risen to 1,005,000 employees -- the
highest level since 1978, according to the "Economic Indicators" second
quarter 1998 report. "Economic Indicators," currently available from the
American Automobile Manufacturers Association (AAMA), is a publication that
offers detailed information on the motor vehicle's role in the U.S. economy.
Published quarterly, this report provides historical data on automotive
production, sales, employment and trade, as well as an outlook for the future.
    Some additional highlights from "Economic Indicators" are:

    * Import penetration into the U.S. car market was 15.5% in the second
quarter of 1998 (down from the record high of 31.1% in 1987).

    * Sales of imported cars from Japan totaled just 181,729 units, or 7.8% of
total car sales.

    * Consumers could expect to spend 22.8 weeks of median family earnings to
purchase a new car (down from 23.5 in the second quarter of 1997), making a
new car as affordable as it was in 1985.

    * Interest rates on new cars (from finance companies) dropped on average
to 6.1% for the second quarter 1998, the lowest on record.

    To obtain a copy of "Economic Indicators" for second quarter 1998, you may
download it from AAMA's Web site at http://www.aama.com, or write or fax your
request to:
    American Automobile Manufacturers Association
    Attention: Statistics Department
    P.O. Box 11170
    Detroit, MI 48211
    FAX# 313-871-2274.

    AAMA is the trade association whose members are Chrysler Corporation
, Ford Motor Company and General Motors Corporation
. Visit AAMA's site on the World Wide Web at http://www.aama.com.