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He said the UAW's new contracts were so good they had even led to nonunion auto workers getting raises. Honda (7267.T) told Reuters it was evaluating the recent UAW deals with the Detroit Three automakers and would remain competitive. "If (Toyota workers) come calling, which they have, we're going to educate them and be there for them," Smith told Reuters. Toyota's move earlier this week to raise wages is in line with the strategy the Japanese automaker and other nonunion automakers have used to keep UAW organizers at bay. Nonunion automakers have kept hourly wages close to the UAW rates at the Detroit Three.

Persons: Shawn Fain, Fain, It'll, Tim Smith, Smith, Elon Musk, Toyota's, Joseph White, David Shepardson, Lisa Baertlein, Ben Klayman, Matthew Lewis, Jamie Freed Organizations: DETROIT, United Auto Workers, Detroit, Toyota, UAW, nonunion, Honda, Reuters, Detroit Three, General Motors, Ford, Louisville Assembly, GM, National Labor Relations Board, NLRB, Tesla, Thomson Locations: WASHINGTON, U.S, United States, Georgetown , Kentucky, Louisville, Tesla's Fremont , California, Fremont, Detroit, Washington, Los Angeles

☆ First UAW vote at Ford is overwhelmingly in favor ratifying deal
▼ + stars: | 2023-11-02 | by ( Manav Tanneeru | Chris Isidore | ) edition.cnn.com time to read: +2 min

The UAW members in this first vote work at the Michigan Assembly Plant in Wayne, Michigan. There are about 4,800 UAW members at the plant, and nearly 4,000 of those were either on strike or laid-off by the company during the work stoppage. Nearly 4,000 UAW members went on strike October 8 after members rejected an 11th-hour deal reached a week before that appeared to have averted a strike. The Michigan Assembly plant was the first Ford factory to go on strike on September 15, so the workers there lost more paychecks than any other union members at Ford. In total, there are 36 different locals at Ford — 35 still have to vote.

Persons: Mack Trucks, Ford Organizations: New, New York CNN, United Auto Workers, Ford, UAW, Michigan, Plant, General Motors, Michigan Assembly, Ford — Locations: New York, Wayne , Michigan, Wayne, Michigan

DETROIT (AP) — Autoworkers at the first Ford factory to go on strike have voted overwhelmingly in favor of a tentative contract agreement reached with the company. About 3,300 United Auto Workers union members went on strike at the plant Sept. 15 after the union's contract with Ford expired. They remained on the picket lines until Oct. 25, when the union announced the tentative deal with Ford. Production workers voted 81% to ratify the deal, while skilled trades workers voted 90% in favor. At its peak 46,000 union members had gone on strike at eight assembly plants and 38 parts warehouses across the nation.

Persons: — Autoworkers, Shawn Fain, Rich Boyer, Fain, Boyer, ”, “, ” Masters Organizations: DETROIT, Ford, Michigan, Plant, United Auto Workers, Ford ., Local, UAW, General Motors, GM, Wayne State University, . Workers, Detroit Locations: Wayne , Michigan, Detroit

☆ Stellantis to give big raises, invest billions in UAW deal
▼ + stars: | 2023-11-02 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Stellantis declined to comment, saying it would wait for workers to vote first before discussing the deal. Stellantis will also offer $50,000 buyouts in 2024 and 2026 to UAW production workers, allowing it to cut costs by hiring fresh workers who start at lower wages. The UAW said the Stellantis investment commitments total about $19 billion, but that includes some previously announced plans. Stellantis has slightly longer than rival Ford to convert current temporary workers to permanent employees. That is on top of the $5,000 bonus hourly workers will get on ratification along with an 11% immediate pay hike.

Persons: Shawn Fain, Joe Biden, Stellantis, Ford, David Shepardson, Paul Lienert, Chris Reese, Diane Craft, Jamie Freed Organizations: United Auto Workers, UAW, Chrysler, U.S, Ford, Toledo Jeep, EV, Dodge, Jeep, General Motors, Thomson Locations: Belleville, Wayne County , Michigan, U.S, Illinois, Belvidere , Illinois, Belvidere, Toledo, Michigan, Detroit, Dodge Durango, North America, Washington

☆ Here's what to watch in Friday's big October jobs report
▼ + stars: | 2023-11-02 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Don't hold your breath looking for that big of a decline, said Amy Glaser, senior vice president at global staffing firm Adecco. We're still seeing resilience in the market," Glaser said. Indeed, a potentially important trend has been the hiring of part-time workers in recent months. Strike impactClose to half a million American workers have gone on strike in recent months. While a number of those high-profile stoppages have been resolved, some of the activity will show up in the October jobs report.

Persons: you've, payrolls, Dow Jones, Amy Glaser, We're, Glaser, Jerome Powell, Jeffrey Roach, Roach, Homebase Organizations: Labor Department, Federal Reserve, LPL, Employers, of Labor Statistics, United Auto Workers

☆ Some Tesla workers say they'd never work in a unionized factory, even as Ford and GM workers are set to get a major pay boost
▼ + stars: | 2023-11-02 | by ( Grace Kay | ) www.businessinsider.com time to read: +7 min

While Elon Musk has spoken out against unions, a major Tesla factory reportedly has a UAW organizing committee that's speaking with workers. Some Tesla workers say they wouldn't join a unionized company and predicted the UAW would struggle to find footing at Tesla. AdvertisementAdvertisementThe United Auto Workers might have set its sights on Tesla, but some workers at the EV company told Insider they'd be hard-pressed to join a union. Even before the 36-day strike, Ford and GM already spent over $20 more per hour on factory workers than Tesla, according to analysts. Still, other workers told Insider they wouldn't jump ship even for a better pay package at a unionized company.

Persons: Elon Musk, —, Shawn Fain, Tesla, Musk, they'd, Metall, Marquard, it's, you've, Fain, Elon Organizations: UAW, Tesla, Service, United Auto Workers, EV, Detroit automakers, Ford, General Motors, GM, Fremont, Elon Musk's, National Labor Relations Board, Buffalo New, NLRB, Bloomberg, Workers Locations: Fremont, California, Buffalo New York, rehire, company's Brandenburg, Tesla, Tesla's

☆ UAW-Stellantis deal includes $18.9 billion in investments, new truck for idled plant
▼ + stars: | 2023-11-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The investments are expected to be completed during the term of the 4½-year tentative agreement, which must still be ratified by the roughly 43,000 UAW members covered by the proposed contract at Stellantis. The tentative labor agreement was reached Saturday after roughly six weeks of targeted strikes by the union against Stellantis, General Motors and Ford Motor. The work stoppages began Sept. 15 after the sides failed to reach deals covering 146,000 UAW members with the automakers by a strike deadline. "For the first time in a long time, we've done the unthinkable: Reopened a plant," Fain said during an online broadcast Thursday, referring to the Belvidere plant, which was idled in February 2022. Heading into the talks, UAW Vice President Rich Boyer, who led the Stellantis talks, made product commitments a priority and stressed that the Belvidere plant was a make-or-break issue.

Persons: Randy Harvard, Stellantis, Shawn Fain, we've, Fain, Rich Boyer Organizations: United Auto Workers, DETROIT –, Chrysler, UAW, Stellantis, General Motors, Ford Motor Locations: Sterling Heights, Mich, DETROIT, U.S, Belvidere , Illinois, Stellantis, Belvidere

☆ UAW Deal Shows Unions Are Winning. How Long Will It Last?
▼ + stars: | 2023-11-01 | by ( David Harrison | ) www.wsj.com time to read: 1 min

General Motors was the last of the three Detroit automakers to reach a new tentative labor deal. Photo: Rebecca Cook/ReutersThe United Auto Workers’ tentative deals with Detroit automakers mark the latest union victory in a year of multiplying strikes and sizable gains in a robust labor market. The agreements could embolden other unions to take aggressive approaches to contract negotiations and fuel more strikes in coming months—as long as the economy stays strong.

Persons: Motors, Rebecca Cook Organizations: Detroit, Reuters, United Auto Workers

☆ Toyota Gives 9% Pay Bump to Most U.S. Auto-Factory Workers, Following UAW Gains in Detroit
▼ + stars: | 2023-11-01 | by ( Sean Mclain | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a tentative deal with General Motors on Monday, more than six weeks after workers went on strike. The company is the last of the three Detroit automakers to reach a new tentative labor deal. Photo: Rebecca Cook/ReutersToyota Motor is giving most of its U.S. auto-factory workers a 9% pay bump and shortening the time it takes to reach the maximum pay, a sign that gains made by the United Auto Workers in Detroit are starting to have a ripple effect in other parts of the auto industry. Toyota, whose U.S. factories aren’t unionized, will increase pay for most assembly plant workers from $31.86 an hour to $34.80 an hour, starting Jan 1., a spokesman for the company said Wednesday.

Persons: Rebecca Cook Organizations: United Auto Workers, General Motors, Detroit, Reuters Toyota Motor, Toyota Locations: Detroit, U.S

☆ The UAW won big against Detroit automakers. Unionizing Tesla and Toyota will be tougher
▼ + stars: | 2023-11-01 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +11 min

But the UAW’s ambitious plans to organize Tesla and other non-union automakers face steep odds. To grow, the UAW will need to gain a foothold at non-union automakers, which produce more than half of the cars assembled in the United States. Historically, UAW talks with the Detroit automakers have been closely watched by non-union automakers and suppliers. Anti-union companiesThe UAW will have to overcome weak protections for labor organizing in the United States and automakers’ aggressive tactics to defeat unions. It may be easier for UAW to organize Volkswagen and other European automakers like BMW and Mercedes-Benz than automakers from Asia, experts say.

Persons: Tesla, Shawn Fain, ”, Harry Katz, “, Thomas Kochan, Tesla's, Justin Sullivan, Bill Lee, Nikki Haley, Joe Biden, Kochan, ” Kochan, “ There’s, “ Fain, he’s, Harley Shaiken, Jesse Jackson, John J, Kim, Elon Musk, Musk, “ Tesla, ” Shaiken, Biden, Erica Smiley, Smiley, ‘ we’ve, won’t Organizations: New, New York CNN, United Auto Workers, Ford, General Motors, Jeep, Chrysler, Detroit automakers, UAW, American, Toyota, Hyundai, Honda, Volvo, Mercedes, BMW, Nissan, Volkswagen, Cornell University’s School of Industrial and Labor Relations, Labor, Companies, Employers, National Labor Relations Act, MIT Sloan School of Management, Getty, Workers, Benz, Tennessee Gov, Former South Carolina Gov, Environmental Defense Fund, Alabama, M University, Jackson State University, University of California, Berkley, Chicago Tribune, Tribune, Service, Tesla, National Labor Relations Board, Employees, Bloomberg, CNN, Biden Union, Union, Biden, Justice, Detroit Locations: New York, United States, California, Texas, Tesla's Fremont , California, Tennessee, Kentucky, Alabama, Volkswagen’s, Chattanooga, Michigan, Detroit, Chicago, Chattanooga , Tennessee, Asia, Europe, Tesla’s Fremont California, ”

☆ Americans don't have to worry about interest rates getting higher in the Fed's latest move
▼ + stars: | 2023-11-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Federal Reserve continued its pause on interest rate hikes in November. Still, uncertainty going into 2024 suggests an interest rate cut won't happen anytime soon. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Still, while the Federal Open Market Committee has remained cautiously optimistic about the direction the economy is moving toward, it doesn't anticipate interest rate cuts will happen anytime soon. Its meeting minutes from September stated that some participants felt it necessary to shift the conversation from "how high to raise the policy rate to how long to hold the policy rate at restrictive levels."

Persons: —, Jerome Powell, Powell, we've, Janet Yellen, Goldman Sachs, David Solomon Organizations: Federal Reserve, Service, Federal, Market Committee, White House's Council, Economic Advisors, Bloomberg, United Auto Workers Locations: American, Ukraine, China

☆ Toyota hikes wage of US factory workers after UAW labor deals
▼ + stars: | 2023-11-01 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Other nonunion logistics and service parts employees are getting wage hikes. The media and organizing project Labor Notes earlier reported the wage hikes and other details, citing a company document. The pay of production Toyota workers in Kentucky at top scale will rise by $2.94 to $34.80 an hour. Under the new tentative agreements with General Motors (GM.N), Ford Motor (F.N) and Stellantis (STLAM.MI), UAW workers will receive a wage hike of 11% upon ratification and 25% in wage hikes through April 2028. The UAW declined to comment on the Toyota wage hikes.

Persons: Johanna Geron, ” Chris Reynolds, Shawn Fain, Fain, David Shepardson, Chizu Nomiyama, Matthew Lewis Organizations: Toyota, REUTERS, United Auto Workers, Detroit Three, Labor, North, General Motors, Ford Motor, UAW, Ford, Volkswagen, Nissan, Detroit, Thomson Locations: Zaventem, Belgium, U.S, Kentucky, Washington

☆ US job openings stay elevated, layoffs hit nine-month low
▼ + stars: | 2023-11-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The Job Openings and Labor Turnover Survey, or JOLTS report from the Labor Department on Wednesday also showed layoffs dropping to a nine-month low. There were 1.50 job openings for every unemployed person in September, slightly up from 1.49 in August and way above the pre-pandemic ratio of 1.2. Data for August was revised lower to show 9.497 million job openings instead of the previously reported 9.610 million. Economists polled by Reuters had forecast 9.250 million job openings in September. Job openings dropped 43,000 in federal government and there were 41,000 open positions in the information industry.

Persons: Christopher Rupkey, Conrad DeQuadros, Lucia Mutikani, Chizu Organizations: Federal Reserve, Labor, Survey, Labor Department, Treasury, Reuters, Brean, Institute for Supply Management, United Auto Workers, UAW, Detroit's Big, Ford Motor, General Motors, Chrysler, Thomson Locations: WASHINGTON, U.S, New York

☆ Jeep Maker Stellantis Says It Lost $3 Billion of Revenue Due to UAW Strike
▼ + stars: | 2023-10-31 | by ( David Sachs | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a tentative deal with Stellantis on Saturday, six weeks after workers went on strike. Earlier this week, Ford also reached a tentative agreement with the UAW. Photos: Emily Elconin/Bloomberg NewsChrysler parent Stellantis said the strike by U.S. auto workers had cost it more than $3 billion in lost revenue as it reported a rise in quarterly sales. The update from Stellantis, which also makes the Jeep and Dodge brands, is the latest indication of the financial fallout from a six-week strike that put 45,000 workers on the picket lines.

Persons: Stellantis, Ford, Emily Elconin Organizations: United Auto Workers, UAW, Bloomberg News Chrysler, U.S, Jeep, Dodge

☆ Three Young Activists Who Never Worked in an Auto Factory Helped Deliver Huge Win for the UAW
▼ + stars: | 2023-10-31 | by ( Nora Eckert | Mike Colias | ) www.wsj.com time to read: 1 min

In hard-nosed negotiations, the United Auto Workers in recent weeks shocked Detroit automakers with public swipes at CEO pay, a renewed focus on the rank-and-file and a bold plan for sudden strikes. The aggressive strategy was driven by a band of young outsiders—who have never clocked in a day of work at an auto factory. The three 30-something labor activists were brought in by new UAW President Shawn Fain to remake the union into a more independent, media savvy and creative challenger to car companies.

Persons: —, Shawn Fain Organizations: United Auto Workers, Detroit

MILAN (AP) —Automaker Stellantis said Tuesday that the autoworkers strike in North America is expected to cost the company around 750 million euros ($795 million) in profits —less than its North American competitors. The Europe-based maker of Jeep, Fiat and Peugeot reported a 7% boost in net revenues to 45.1 billion euros, with production halts caused by the strikes costing the company 3 billion euros in sales through October. GM, the last carmaker to reach a deal to end the strike, reported an $800 million strike hit. North America continued to be the revenue leader, contributing 21.5 billion euros, an increase of 2% over last year, and representing nearly half of global revenues. Europe, the next biggest performing region, saw revenues grow 5% to 14 billion euros, as sales rose 11%.

Persons: Stellantis, Natalie Knight, Ford, Knight Organizations: MILAN, Fiat, Peugeot, GM, CES, LA, Saturday, United Auto Workers Union, Jeep, North Locations: North America, Europe, Asia, U.S, Las Vegas, Michigan, Ohio

☆ UAW strikes cost Stellantis about $3.2 billion in revenue
▼ + stars: | 2023-10-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Labor strikes by the United Auto Workers union cost Stellantis about $3.2 billion, or 3 billion euros, in lost revenue through October, the company reported Tuesday. UAW workers began roughly six weeks of targeted U.S. strikes against Stellantis, General Motors and Ford Motor on Sept. 15. Ford said the UAW strike cost it $1.3 billion in earnings before interest and taxes, including roughly $100 million during the third quarter. Despite the labor strikes, Stellantis maintained its 2023 guidance, signaling the strength of its global footprint compared to its main U.S.-based competitors. Stellantis' guidance includes double-digit adjusted operating income margin, positive industrial-free cash flows and completion of $1.6 billion, or 1.5 billion euros, in share buybacks.

Persons: Stellantis, Natalie Knight, Ford Organizations: United Auto Workers, DETROIT — Labor, UAW, Stellantis, General Motors, Ford, North, GM, CNBC Locations: Sterling Heights , Michigan, U.S

☆ UAW strike cost Stellantis $3 billion in lost revenue
▼ + stars: | 2023-10-31 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Historic strikes by autoworkers in North America have cost Stellantis €3 billion ($3.2 billion) in lost revenue, the maker of Chrysler and Jeep said Tuesday. Earlier this month, General Motors (GM) said walkouts by its workers had cost the company $200 million in their first two weeks. Stellantis (STLA) still reported better-than-expected revenue for the July-September period, up 7% on the same quarter in 2022 at €45.1 billion ($48 billion). The UAW has hailed the deal that ended the prolonged walkouts at Stellantis as a major victory. Separately, Stellantis reached an agreement with Canadian union Unifor Monday, hours after a strike began there.

Persons: Stellantis Organizations: London CNN —, Chrysler, Jeep, United Auto Workers union, UAW, General Motors, €, Electric Locations: North America, Stellantis, Illinois, Milan, —

Customers might assume that nonunion automakers, like Toyota, Tesla or Hyundai-Kia, will now be able to price their vehicles well below what the Detroit automakers can. “When the dust settles from this UAW debacle, the Detroit auto stalwarts find themselves with a bigger cost profile with competition increasing," said Dan Ives, an analyst at Wedbush. That means that competition for buyers is intensifying as pent-up demand from the pandemic wanes, making it difficult for any automaker to raise prices. But if the Detroit companies report lower income, Wall Street will register its disappointment, and stock prices could fall. “You either raise your labor costs to meet what the UAW is getting or you risk the unionization drive.”

Persons: Stellantis, ”, Jonathan Smoke, pare, Dan Ives, Natalie Knight, Ram, Knight, Smoke, Shawn Fain, Fain, Art Wheaton, wouldn’t, Wheaton, Tesla, ” Wheaton Organizations: DETROIT, United Auto Workers, Detroit’s, General Motors, Ford, Toyota, Hyundai, Kia, Detroit, GM, Cox Automotive, UAW, Chrysler, Jeep, Cox, automakers, Detroit automakers, Cornell University, U.S Locations: United States, U.S, Stellantis, Detroit

☆ The auto strikes are probably — but not definitely — over. Here’s what comes next
▼ + stars: | 2023-10-31 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —The longest US auto strike in 25 years is nearly over. The United Auto Workers union announced a tentative agreement on a contract with General Motors Monday night. Typically when a union goes on strike, and then reaches a tentative deal, the workers don’t return to work until the ratification process is completed. The union hasn’t yet said why its 18,000 strikers are going back to work before the ratification process is conducted. Fewer senior union members who are not at top pay could see their pay increase by between 20% to 46%.

Persons: Stellantis, Mack Trucks, ‘, Shawn Fain, Fain Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, UAW, GM, Chrysler, Teamsters, UPS Locations: New York, Stellantis, Spring Hill , Tennessee

☆ Winners and losers of the UAW talks with GM, Ford and Stellantis
▼ + stars: | 2023-10-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

UAW President Shawn Fain warned of a more combative union heading into the talks, but not many, if anyone, expected the union to strategically outmaneuver the companies like it did, leading to record deals for 146,000 UAW members with GM, Ford Motor and Stellantis . UAW members must still vote to ratify the tentative agreements. 1, of course, are the UAW members," said Art Wheaton, a labor professor at The Worker Institute at Cornell University. Some winners, some losers: UAW membersBroadly speaking, the UAW members covered by the new deals are winners, however not everyone faced the financial toll of the union's strikes against the Detroit automakers. They may also be targets of increased organizing efforts by members seeking better wages like those for UAW members.

Persons: Joe Biden, Shawn Fain, Evelyn Hockstein, General Motors, Fain, Tesla, Wheaton, Shawn Fain Fain, they've, Marick, It's, Ford, John Lawler, Masters, I'm, Biden Organizations: United Auto Workers, Reuters DETROIT, General, Detroit, UAW, GM, Ford Motor, Worker Institute, Cornell University, Wayne State University, Ford, Deutsche Bank, Finance, Detroit automakers, Toyota, Hyundai, EVs Locations: Bellville , Michigan, U.S, Detroit, Michigan

☆ Union workers ‘are catching up’ on pay as labor organizing surges
▼ + stars: | 2023-10-31 | by ( Jared Mitovich | ) www.cnbc.com time to read: +2 min

While predictions across the board about employee pay are forecasting slower wage growth next year, there's a notable exception: union workers, especially those in service and manufacturing roles. Compensation for union workers is up just 11% since the first quarter of 2020, compared with 14.6% for nonunion workers, according to Bureau of Labor Statistics data from the second quarter of 2023. The rise in pay growth for unionized employees this year stems, in part, from significant labor action, including a string of labor deals resulting in higher pay. Many unionized workers, for example, haven't negotiated a new contract since the Covid-19 pandemic began. "Unionized workers couldn't see the same scale of wage increases over the past few years that non-unionized workers did," said Aaron Terrazas, Glassdoor's chief economist.

Persons: there's, haven't, Aaron Terrazas Organizations: of Labor Statistics, Finance, United Auto Workers, Ford Motor Company, General Motors, Ford, UAW

☆ Toyota pledges $8 billion more for US battery plant to rev up EV push
▼ + stars: | 2023-10-31 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsOct 31 (Reuters) - Toyota Motor (7203.T) said on Tuesday it would boost investment by $8 billion and add about 3,000 jobs at its electric-vehicle battery manufacturing plant in North Carolina, accelerating the Japanese automaker's push to electrify its lineup. Toyota's North Carolina facility is set to begin operations in 2025 and will be the company's first automotive battery plant globally. It will have six battery production lines, four supporting hybrid vehicles such as the Prius, and two additional lines to support battery EVs. NORTH CAROLINA HUBNorth Carolina is emerging as a leading hub for electric vehicle and battery manufacturing, with new investments planned by companies ranging from Redwood Materials to Vietnam's Vinfast .

Persons: David, Dee, Delgado, Tesla, North Carolina Governor Roy Cooper, Nathan Gomes, Savio D'Souza, Devika Organizations: New York, REUTERS, Toyota, Ford, General Motors, United Auto Workers union, Tesla, Samsung SDI Co, Panasonic, Chrysler, Stellantis, Materials, North, North Carolina Governor, Thomson Locations: Manhattan , New York City, U.S, North Carolina, Detroit, NORTH CAROLINA, United States, Bengaluru

☆ Morning Bid: Refunding relief stokes bond-led bounce
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. But relief in Treasuries, the villain of the piece for several weeks, is probably the most significant marker for the remainder of the year. And there were further soothing noises for world bonds, even if not for global growth, from surprisingly weak Chinese business surveys for October. Overall, the picture pointed to another positive day for Wall Street stocks, with futures marginally positive ahead of the open as the Fed meeting gets underway. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Hubbell, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Bank of, Federal Reserve, U.S . Treasury, Nikkei, Big Oil, BP, Wall, pharma, Pfizer, Caterpillar, General Motors, United Auto Workers, Detroit Three, Dallas Fed, Federal, AMD, Global, Franklin Resources, Equity, GE Healthcare, WEC Energy, Treasury, Reuters, Thomson Locations: New York City, U.S, Bank of Japan, Treasuries, California, Israel, Gaza, Europe, Chicago, Amgen, MSCI, Eaton, Franklin, AMETEK, Echolab

☆ US consumer confidence dropped for third consecutive month despite the booming economy
▼ + stars: | 2023-10-31 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

For the third month in a row, the Conference Board’s Consumer Confidence Index fell — dropping to 102.6 in October from an upwardly revised 104.3 in September. The decline in consumer confidence was not evident across all age groups and household income levels. People above the age of 55 exhibited the biggest monthly decline in consumer confidence. Meanwhile, consumers with a household income between $25,000 to $35,000 saw the biggest decline in confidence about the economy over the past month. In contrast, consumers with a household income between $100,000 to $125,000 saw the biggest jump in confidence over the past month.

Persons: ” Dana Peterson, “ Consumers, ”, Bill Adams, ” Peterson, Jeffrey Roach Organizations: New, New York CNN, Conference, Board, Conference Board, “, Big Three, United Auto Workers, Comerica Bank, LPL Financial, Federal Locations: New York, Israel

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