'Detroit 3' Look to Return to 'Big 3' Status with Mass Hiring (F) (GM)

According to the Detroit Free Press Wednesday, Ford (NYSE: F), General Motors (NYSE: GM), and Chrysler have plans to hire about 33,000 workers in the state of Michigan, where each corporation is headquartered. The jobs will be added over the next four years, according to the report.

Further, suppliers like Federal Mogul (Nasdaq: FDML), Visteon (NYSE: VC), Lear (NYSE: LEA), and others, are likely to add workers as demand picks up.

Factors influencing the hiring include an increase in auto sales, as well as new measures in recently-ratified contracts with the UAW.

The additions will boost workers at the '3' over the 200,000 mark, a 17 percent jump in employment, data from the Center for Automotive Research showed.

Labor costs are also expected to increase marginally per worker: Ford will be at $61, GM at $60, Chrysler at $54. Elsewhere, Toyota (NYSE: TM) spends about $56 per worker, while Honda (NYSE: HMC) and Hyundai spend $49 and $46, respectively.

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