Volkswagen had a tough go of things last year. The company’s sales fell by 10 percent in China, arguably its most important. Its other stronghold, Europe, was flat, with a shrinking overall car market that led to VW Group sales falling by 0.1%. This strained the company’s finances, eventually forcing the company to shed 35,000 jobs over the forthcoming years. The bright spot in all of this was the company’s performance in the Americas. South American sales grew 15%, while North American sales grew 6%, underlined by incredible 15.2% growth for the VW brand in the U.S. After decades of trying to crack the U.S., amid brutal competition elsewhere, things were looking up for Volkswagen. Now, tariffs may blow all of that away. The VW plant in Puebla, Mexico. Photo by: Volkswagen
Tag Archives: Job Cuts
Feb
U.S. applications for unemployment benefits fell last week as employers continue to retain workers despite resurgent inflation and elevated interest rates. The number of Americans filing for jobless benefits fell by 7,000 to 213,000 for the week ending February 8, the Labor Department said Thursday. Analysts projected that 215,000 new applications would be filed. Weekly applications for jobless benefits are considered representative of layoffs. The four-week average, which smooths out some of the week-to-week volatility, inched down by 1,000 to 216,000. Despite showing some signs of weakening during the past year, the labor market remains healthy with plentiful jobs and relatively few layoffs. Last week, the Labor Department reported that U.S. employers added 143,000 jobs in January, significantly fewer than December’s 256,000 job gains. However, the unemployment rate ticked down