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Auto Industry Recovery

One of the industries hardest hit by the financial crisis is our country’s auto industry. With the continuing constraints on credit, automakers are finding it increasingly difficult to find the means to invest in new technologies, consumers are unable to get loans to purchase new vehicles, and auto supply businesses are sinking. The U.S. auto industry’s impact on our economy is widespread. In New Jersey alone, 42,400 jobs are currently tied to the auto industry with 2,692 jobs in the 13th district. Statewide these jobs amount to almost $600 million in quarterly wages.

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