Bob Johnson, Director of Economic Analysis at Morningstar research, highlights some fascinating data from the US auto industry. While production and sales have almost got back to 2005 peak levels, employment in the auto industry is only around three quarters of what it was almost ten years ago. This data may reveal one reason why employment growth has been so weak during the US recovery.

The research does reflect increased efficiency within the global auto industry but the figures are not good news for the wider economy. In the US the auto industry is responsible for 8 million jobs nationwide, or about 4.5% of private-sector employment. People in auto-related jobs collectively generate more than $70 billion annually in tax revenues, that's according to the Auto Alliance which represents many of the largest auto manufacturers in the USA.