Tara Gress hopes to transfer to another plant after GM’s Nov. 26 announcement of plans to close five plants and lay off 15,000 workers. (The Washington Post)
General Motors said Monday it will close five factories and lay off nearly 15,000 workers in a move that shows the economy may be starting to slow and dents President Trump’s claim to be leading a renaissance for industrial America.
The automaker said it would save $6 billion annually by thinning its salaried management ranks, dropping thousands of American and Canadian factory workers, and emphasizing the production of larger sport-utility vehicles rather than sedans.
GM’s announcement sounded an incongruous note amid otherwise plentiful signs of U.S. economic health. The last six months have produced the economy’s best back-to-back quarters in four years. The unemployment rate is near a half-century low. And corporate profits are exceeding expectations.