United Auto Workers strike: cost to US economy sets new record
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 union's strike against Detroit's Big Three automakers is now in its fourth week and has already cost the U.S. economy more than any other auto industry strike this century.
Michigan economic consulting firm Anderson Economic Group (AEG) reported Monday that losses from the union's strike against Ford, General Motors and Stellantis reached $5.5 billion as of the end of the third week, topping the previous record of $4 billion, which was the total-estimated hit the economy took during the union's monthlong strike against GM in 2019.
UAW members protest in support of the union strike at the Ford Assembly Plant on the South Side on Oct. 7, 2023 in Chicago. (Jim Vondruska/Getty Images / Getty Images)
The breakdown shows the UAW's ongoing simultaneous, but limited, strike against the Big Three has cost workers $579 million in lost wages, while automakers have collectively lost $2.68 billion, dealers and customers lost $1.26 billion, and suppliers alone have lost $1.6 billion.
STEEL INDUSTRY DENTED BY UAW STRIKE AGAINST DETROIT'S BIG THREE
«The third week was more costly than the last 2 because we saw additional factories shuttered and parts shortages reported at dealerships,» AEG’s principal and CEO Patrick Anderson said in a statement. He added that «The stress suppliers are under has become acute, with more than 30% reporting that layoffs have already begun.»
UAW members attend a rally in support of the labor union strike at the UAW Local 551 hall on the South Side on Oct. 7, 2023 in Chicago. (Jim Vondruska/Getty Images / Getty Images)
AEG pointed to
Read more on foxbusiness.com
