Jim Farley, president and chief executive officer of Ford speaks to reporters about the UAW contract talks at the North American International Auto Show in Detroit, Michigan, on Sept. 13, 2023. / Credit: Paul Sancya / AP
We estimate a strike covering all workers would directly reduce U.S. GDP by 0.2%-0.3% due to a 30% decline in motor vehicle output for the duration of the strike.” Michael Pearce and Nancy Vanden Houten, Lead Economists at Oxford Economics More Here
CBS News Reports:
Detroit’s Big Three automakers failed to reach a new labor agreement before their contract with employees represented by the United Auto Workers expired at midnight Thursday, setting off one of the largest strikes to hit the U.S. in years.
The UAW said it was executing a so-called stand up strike strategy in which employees at a small number of Ford, General Motors and Stellantis factories walked off the job. Employees will be paid about $500 a week from UAW’s strike fund, which sits at $825 million, according to The Associated Press. More Here
We estimate a strike covering all workers would directly reduce U.S. GDP by 0.2%-0.3% due to a 30% decline in motor vehicle output for the duration of the strike.”
