By Richard D. Bingham, Randall W. Eberts
Complaints of the Midwest fiscal Restructuring convention of the Federal Reserve financial institution of Cleveland
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Additional resources for Economic Restructuring of the American Midwest: Proceedings of the Midwest Economic Restructuring Conference of the Federal Reserve Bank of Cleveland
Average Annual Payroll per Job for Akron's Declining Major Groups in Manufacturing, 1986 SIC Code 29 20 33 28 32 34 35 30 Industry Title Average Annual Payroll per Job Petroleum and Coal Products Food and Kindred Products Primary Metal Industries Chemicals and Allied Products Stone, Clay, and Glass Products Fabricated Metal Products Machinery, Except Electrical Rubber and Misc. Plastics Products Weighted Average 24,304 20,850 22,505 27,228 22,534 29,980 24,403 32,852 28,962 Source: Ohio Bureau of Employment Services, Labor Market Information Division, Workers Covered Under Ohio Unemployment Compensation Law (202 Series).
Goodrich sold its stake in Uniroyal Goodrich to the New York investment firm of Clayton & Dubilier. F. Goodrich from the tire industry as the firm became more focused in chemicals and aerospace. Following the takeover attempt, GenCorp sold its General Tire unit to the West German firm Continental AG in November 1987. This marked the retreat of GenCorp from the tire industry as the firm became more focused in aerospace and automotive and industrial plastics. In May 1988, Firestone Tire & Rubber sold its tire operations to the Japanese firm Bridgestone.
At the national level, the plastic products industry has long ago exceeded rubber products in terms of value-added employment and continues to offer the greatest market potential. Major markets for plastics products are durable-goods manufacturers (from autos to appliances) and the electronic equipment and construction industries. All of these industries exhibit cyclical tendencies. Consequently, the modest reduction in jobs in miscellaneous plastics products would be expected during the recession.