Yesterday , I did a easy rough calculation about General Motors to try to get at how much manufacturing job loss one may attribute to overseas competition versus automation and productivity increases. Varied commenters objected that my assumptions have been too simplistic, significantly in neglecting the domestic content in foreign autos and the significance of shifts within the provide chain over time.
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The odd-wanting line on this graph is the one for domestic consumption of autos and parts as a fraction of GDP; the line begins to drop after 2002, solely reversing in 2010. It is odd to me as a result of a graph of US automobile sales is basically flat from 2001 to 2007 at between sixteen and 17 million automobiles per yr. Reading off Stuart’s graph above, the gross consumption line begins at about 3.7% of GDP in 2001 and drops to around 2.eight% in 2007, so roughly a 25% drop. Looking at BEA Desk 1.1.5. US GDP rose 36% during that period.