United Auto Workers strike: Cost to US economy tops $9 billion
Comodo Motors general manager Jordan Baker joins The Big Money Show to discuss the impact on auto dealers and car buyers from the ongoing UAW strike.
The United Auto Workers' simultaneous, but limited, strike against Ford, General Motors and Stellantis has now cost the U.S. economy over $9 billion, which is more than twice the previous record for an auto industry strike this century.
The latest data released Monday from Michigan consulting firm Anderson Economic Group show the union's strike against Detroit's Big Three cost the auto industry alone some $9.3 billion as of Oct. 19, which marked the strike's fifth full week.
UAW members protest in support of the strike at the Ford Assembly Plant on the South Side of Chicago on Oct. 7, 2023. (Jim Vondruska / Getty Images)
A breakdown of the numbers shows the UAW's strike has so far cost workers $488 million in lost wages, while the automakers have collectively lost $4.18 billion. Dealers and customers are out a combined $1.86 billion, and suppliers have now taken more than a $2.78 billion hit.
«The cost of this strike is now double that of the 2019 UAW strike against General Motors, with significant layoffs among supplier firms,» AEG principal and CEO Patrick Anderson said in a statement. «Lost wages of striking workers and those laid off because of the strike are nearing a half billion dollars.»
FORD MOTOR CO., STELLANTIS LAYS OFF WORKERS, SAYS DISMISSALS ARE ‘DIRECT RESULT’ OF UAW STRIKES
Anderson pointed to AEG's warning two weeks ago that if the strike was prolonged, it would force manufacturers to delay or cancel investments. «We've now seen GM, Ford, and Stellantis announce such actions,» he said. «Many more are likely if the strike continues.»
Members of the UAW
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