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U.S. markets recover from steep losses
WASHINGTON, April 21 (UPI) -- White House economic adviser Lawrence Summers said Wednesday bailed out U.S. auto companies Chrysler and General Motors were on the "road to recovery."
With General Motors Co.'s early payback of $6.7 billion in government loans -- five years ahead of schedule -- and Chrysler Group's recently released financial report, "The distance these companies and the auto industry have traveled over the past year is a bright spot on the road to recovery," he said in a statement.
Chrysler's report released Wednesday said with the exclusion of one-time charges, it would have made a profit in the first three months of the year. In addition, U.S. automakers shed 400,000 positions in 2008 and the industry was headed toward an estimated reduction of 1 million jobs had GM and Chrysler gone under, Summers said.
"That didn't happen. Instead, over the past nine months ... the industry has actually added 45,000 jobs," Summers said.
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