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☆ UAW strike chaos isn't all good news for Tesla
▼ + stars: | 2023-10-01 | by ( Tim Levin | Nora Naughton | ) www.businessinsider.com time to read: +5 min

Big gains in the UAW strike could bolster another organizing drive at Tesla. The UAW is looking to remake its reputation among auto workers. AdvertisementAdvertisementA new contract could spur union attempts elsewhereThe UAW strike comes amid a rejuvenated labor movement post-Covid, and after a summer jam-packed with union activism. About 54% of Americans support the UAW strike, according to a recent Morning Consult poll. AdvertisementAdvertisementOrganizing at Tesla still won't be easySome Tesla workers are in the early stages of forming a union, a UAW official told The New York Times.

Persons: —, Elon Musk's Tesla, they're, Arthur Wheaton, Tesla, Shawn Fain, paydays, Fain, Jake Rosenfeld, Louis, Kate Andrias, Andrias, Rosenfeld, Musk, backpay Organizations: UAW, Volkswagen, Honda, Toyota, Service, General Motors, Ford, Elon, United Auto Workers, GM, Cornell University, Detroit, Washington University, Columbia University, New York Times, EV, National Labor Relations Board Locations: Wheaton, Illinois, Michigan, St, New York , California , Nevada, Texas

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why Tesla is at the center of the UAW strikesThousands of workers are striking the big three Detroit auto manufacturers Ford, GM and Stellantis. The strikes are unlike any other in recent American auto history. Even United Auto Workers' president Shawn Fain calls the demands audacious. Legacy carmakers already struggle to compete with Tesla's manufacturing costs and selling price. So are Elon Musk and Tesla the strikes' big winners?

Persons: Tesla, Shawn Fain, carmakers, Elon Organizations: UAW, Detroit, Ford, GM, United Auto Workers

Those smaller suppliers have only recently recovered from the shocks of the Covid-19 pandemic and the resulting global shortage of semiconductors. Now, they're coming under pressure to increase their own workers' wages — in an environment where higher interest rates have made it more costly to borrow money — and staring down the threat of ongoing auto workers' strikes. Members of the United Auto Workers union picket outside the Michigan Assembly Plant in Wayne, Michigan, on Sept. 26, 2023. Supplier layoffsIn the face of prolonged strikes, some smaller suppliers are already cutting workers or announcing plans to do so. Michael B. Thomas | Getty ImagesAs of Tuesday, two additional Detroit-area auto suppliers had already filed notices of potential layoffs with the state of Michigan.

Persons: Bill Pugliano, Patrick T, Fallon, Dennis Devaney, Devaney, Joe Biden, Matthew Hatcher, MEMA, Biden, Michael B, Thomas, Mary Barra, We've Organizations: United Auto Workers, Getty, Ford Motor, General Motors, U.S . automakers, American Automotive, Council, UAW, Chrysler, Parts Distribution, AFP, GM, Ford, National Labor Relations Board, Equipment Manufacturers Association, White House, Plant, Small Business Administration, LM Manufacturing, Ford Bronco, Manufacturing, Canadian, Magna International, Union, General Motors Wentzville, CIE, Spain's CIE Automotive, Eagle Industries, CNBC, Publicly Locations: Auburn Hills , Michigan, Chrysler Los, Ontario , California, Detroit, Covid, Michigan, Wayne , Michigan, U.S, Wentzville , Missouri

☆ 'Just shut your mouth:' Populist Republicans back UAW workers' demands while slamming union leadership
▼ + stars: | 2023-09-26 | by ( Bryan Metzger | Nora Naughton | ) www.businessinsider.com time to read: +11 min

Hawley and Vance support striking auto workers, but they're not on the same page as union leadership. AdvertisementAdvertisementAs strikes at auto manufacturing plants continue across the country, some populist-minded Republicans are breaking from their party's long-standing orthodoxies and backing the United Auto Workers' demands. Last week, Fain even slammed Donald Trump as part of the "billionaire class" following the news that the former president would address union workers in Michigan this week. So far, the only company that has figured out how to squeeze consistent profits out of electric cars is Tesla, which does not use more union labor. The union is now aiming to rebuild its reputation and influence in automotive labor and the labor movement writ large.

Persons: Hawley, Vance, they're, It's, —, what's, Sen, JD Vance, Ohio, Josh Hawley, Biden, Shawn Fain, They've, Fain, Donald Trump, Sherrod Brown, Brown, we've, Detroit's Ford, Matt Wegener, Wegener, EVs, Charmonique Demings, Trump —, Trump Organizations: PRO, Service, United Auto Workers, Republicans, UAW, GM, Stellantis, Biden's, Democrat, Michigan Assembly, Ford's Michigan, Trump, US, Detroit —, National Labor Relations Board, Supreme, Bloomberg, Biden, Battery, EV, Volkswagen, Tesla, Republican, Ford, Democratic, Democratic Party, American Locations: Josh Hawley of Missouri, China, Wentzville , Missouri, Michigan, Ohio, Detroit, Trump's Michigan, States, Mexico, Canada, Missouri

☆ GOP shutdown politics rock Washington as Trump and Biden head for a swing-state showdown
▼ + stars: | 2023-09-25 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

CNN —President Joe Biden and his Oval Office predecessor, Donald Trump, are about to wage the most direct showdown yet of their possible rematch as far-right House Republicans drive the nation to the brink of a government shutdown. Trump, seeking to sow dysfunction on Biden’s watch and advance his political goals as the GOP front-runner for 2024, is goading his loyalists to shut Washington down. Michigan – which Trump won in 2016 but Biden pulled back into the Democratic column in 2020 – will again be a vital general election state. With the political heat over a potential shutdown rising, Transportation Secretary Pete Buttigieg toured Sunday political talk shows to pressure Republicans. He wrote on his Truth Social network that the shutdown was the “last chance to defund these political prosecutions against me and other Patriots.

Persons: Joe Biden, Donald Trump, Kevin McCarthy, Trump, Biden, ”, –, Nikki Haley, Ron DeSantis, Ronald Reagan, Hunter Biden’s, New Jersey Sen, Robert Menendez, illegalities, Trump’s, McCarthy, Tim Burchett, Dana Bash, ” McCarthy, he’d, midterms, Pete Buttigieg, “, ” Buttigieg Organizations: CNN, Office, House Republicans, Democratic, White, GOP, United Auto Workers, Trump, Biden, Republican, Former South Carolina Gov, Florida Gov, Ronald Reagan Presidential, New, Senate Foreign Relations, Trump Republicans, California Republican, Russia, Tennessee, Union, Transportation, Patriots, Republicans Locations: Washington, Michigan, Wolverine, Wisconsin, Florida, California, New Jersey, “ State

Shares in Asia were mostly lower on Monday, with Tokyo the only major regional market to advance, after Wall Street wheezed to more losses with its worst week in six months. Worries over China’s property sector, a U.S. government shutdown and the continued strike by American autoworkers were weighing on investor sentiment. The retreat has deepened with Wall Street’s growing understanding that interest rates likely won’t come down much anytime soon. Pressure has built on Wall Street as yields in the bond market climbed to their highest levels in more than a decade. The Nasdaq composite, which is full of tech and other high-growth stocks, slumped 3.6% for its worst week since March.

Persons: Hang Seng, Australia's, They’d, Shawn Fain, Ford, It’s, Brent Organizations: American, China Evergrande, Dow Jones, Nasdaq, Federal Reserve, U.S, Motors, United Auto Workers, Auto, Treasury, that’s, Nvidia, Microsoft’s, Activision, Microsoft, New York Mercantile Exchange Locations: Asia, Tokyo, U.S, China, Shanghai, Seoul, American

☆ Opinion | What Republicans Say (and Don’t Say) About the Auto Workers’ Strike
▼ + stars: | 2023-09-23 | by ( Jamelle Bouie | ) www.nytimes.com time to read: +3 min

But beyond the presidential contenders, there were also the ostensibly populist Republicans who have placed workers at the center of their case. They haven’t even blamed management for the strike, despite the fact that the U.A.W. And they haven’t voiced support for the largest, most ambitious organizing goal of the U.A.W. As (my former editor and colleague) Harold Meyerson notes in a piece for The American Prospect:The long-term future of the U.A.W. foreign-owned auto factories that are spread across the South, also falls well short of the levels that U.A.W.

Persons: “, Joe Biden’s, Josh Hawley, J.D, Vance, Ohio, Marco Rubio, Harold Meyerson, ”, Elon Organizations: Republicans, GM, Ford Locations: China, Missouri, Florida, Stellantis

Biden is running for re-election in 2024 and will likely face Trump, who is the frontrunner for the Republican presidential nomination. "The only reason Biden is going to Michigan on Tuesday is because President Trump announced he is going on Wednesday," the Trump campaign said in a statement late on Friday. Trump has called for rank-and-file union workers to ignore their leaders. United Auto Workers President Shawn Fain blasted Trump earlier in the week, saying the union was "fighting the billionaire class and an economy that enriches people like Donald Trump at the expense of workers." Workers on the picket lines had mixed feelings over whether Biden should visit.

Persons: Joe Biden, Jonathan Ernst, Biden, Donald Trump, I’ll, Trump, Jeremi Suri, Jimmy Carter, Biden's, CLASS, Shawn Fain, Theodore Roosevelt, Suri, Roosevelt, Henry Cabot, “, Laura Zielinski, ” Thomas Morris, Morris, Heather Timmons, Jeff Mason, Ben Klayman, David Gaffen, Kanishka Singh, Jarrett Renshaw, Matthew Lewis, Nick Zieminski, Alistair Bell, Timothy Gardner Organizations: Motors, REUTERS, WASHINGTON, United Auto Workers, Detroit, UAW, Republican, Friday, General Motors, Chrysler, Ford Motor, University of Texas, Washington, CLASS Trump, White House, Department of Labor, Workers, Thomson Locations: Detroit , Michigan, U.S, TOLEDO , Ohio, Michigan, United States, Austin, Detroit, Toledo , Ohio, Toledo, Philadelphia, Washington, New York

UAW President Shawn Fain, in a Facebook live event, said that by targeting distribution centers the strike becomes a nationwide event. Stellantis has said it wants to be able to consolidate and close some of its parts distribution centers. Nearly 13,000 UAW workers walked out at plants in Missouri, Michigan and Ohio on Sept 15. "GM and Stellantis are looking at stockholder value and Ford is looking a lot more long-term that they have to make friends with labor." Fain said on Friday that the union had negotiated the elimination of lower wage tiers in some components facilities at Ford and GM.

Persons: Fain, Shawn Fain, Joe Biden, Biden, Donald Trump, Thomas Morris, Stellantis, Phaedra Grant, Michael Swensen, Ford, Daniel Ives, Sam Fiorani, Ford's, David Shepardson, Joseph White, Jarrett Renshaw, Ben Klayman, Peter Henderson, Abhirup Roy, Jeff Mason, Nick Zieminski, Matthew Lewis Organizations: GM, Ford, United Auto Workers, Detroit, General Motors, Chrysler, UAW, REUTERS, Ford Bronco, Chevrolet, AutoForecast Solutions, Reuters, Thomson Locations: DETROIT, United, Michigan, California, Massachusetts, Oregon, Florida, Philadelphia, Langhorne , Pennsylvania, Kokomo , Indiana, Kokomo, Louisville , Kentucky, U.S, Missouri , Michigan, Ohio, Chevrolet Colorado, Washington, Detroit, San Francisco

☆ Pence echoes Trump, links UAW strikes to Biden EV push: 'Good for Beijing, bad for Detroit'
▼ + stars: | 2023-09-19 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +1 min

Former Vice President Mike Pence argued Tuesday that the Biden administration's push toward electric vehicles was to blame for the historic United Auto Workers strikes underway at the Big Three Detroit carmakers' plants. "I guarantee you that one of the things that's driving that strike is that Bidenomics and their green energy, electric vehicle agenda is good for Beijing and bad for Detroit, and American autoworkers know it," Pence said on CNBC's "Squawk Box." The strikes are a "reflection of the failed economic policies of the Biden administration," said Pence, whose campaign to win the 2024 Republican presidential has struggled to gain traction in the polls. "This drive toward electric vehicles, driving people away from gasoline-powered vehicles, any auto worker that's paying attention would know that's not in their long-term interest," he said. Pence's stance on the strikes echoed the one pushed by his former boss, ex-President Donald Trump, the current front-runner in the GOP nomination contest.

Persons: Mike Pence, Biden, Pence, that's, Donald Trump Organizations: United Auto Workers, Big, Detroit, Republican, GOP Locations: Beijing, Detroit

New York CNN —The United Auto Workers union’s already unprecedented strike against General Motors, Ford and Stellantis could soon get even bigger. So far, the strike, which started early Friday, has targeted only one final assembly plant at each automaker. So, noon on Friday, September 22nd is a new deadline.”While 12,700 union members are on strike, most of the 145,000 members at the three automakers remain on the job. The UAW chose to target final assembly plants first, which has made the initial strikes quite targeted and tactical. Spreading impact of strikeThe impact of the strike will have a ripple impact on other factories beyond the three targeted already by the UAW strike.

Persons: Stellantis, Shawn Fain, Autoworkers, We’re, “ We’re, ”, “, Ford, Lana Payne, Payne, Fairfax, David Barnas, Louis, Biden, Donald Trump, Mike Pence, Fain, Trump Trump, Joe Biden, ” Trump Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, CNN, GM, UAW, Ford Bronco, Companies, GM Stellantis, Jeep, Dodge, Chrysler, Fairfax Assembly, US Steel, Trump Locations: New York, Wayne , Michigan, Canada, United States, Fairfax, Kansas City , Kansas, Wentzville, Granite City , Illinois, St, Detroit

☆ The UAW is playing with fire. Jim Cramer says Ford could be forced to flip the script
▼ + stars: | 2023-09-18 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

The United Auto Workers strike entered Day 4 on Monday, and both sides remained far apart on pay hikes. By striking Ford, the UAW is "playing with fire," according to Jim, who said the automaker might get tired of trying to appease union demands and just lock workers out. Ford CEO Jim Farley told CNBC last week that UAW demands would bankrupt the company. In addition to top-line pressure on its EV unit and companywide cost pressure from the UAW strike, Ford needs to work its way through this transition from high-profit ICE vehicles to the currently money-losing EVs. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer, Jim, Ford, Jim Farley, Goldman Sachs, Tesla, Washington, Joe Biden, Biden, Jim Cramer's, Shawn Fain, Bill Pugliano Organizations: United Auto Workers, Ford, UAW, Detroit, Plant, Bronco, Ford's, General Motors, Chrysler, GM, CNBC, White House, Getty Locations: Michigan, Wayne, Wentzville , Missouri, Toledo , Ohio, U.S, Mexico, Detroit, Detroit , Michigan

☆ Here's what we think about the big time buyout interest in Disney's ABC
▼ + stars: | 2023-09-15 | by ( Jeff Marks | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer said the affected Bronco plant at Ford (F) is a blow but not as big as it could have been had F-150 facilities been targeted. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Stocks, Ford, Bob Iger's, Byron Allen, Jim Cramer's, Jim Organizations: CNBC, Federal Reserve, United Auto Workers, Detroit, Bronco, Ford, Bank of America, Disney, ABC, Nexstar, Bloomberg Locations: U.S

☆ White House says Biden is focused on his job in the wake of his son’s indictment
▼ + stars: | 2023-09-15 | by ( Kevin Liptak | ) edition.cnn.com time to read: +5 min

Inside the White House, neither was an unexpected development. Biden had just arrived back to the White House from a five-day swing through Asia when McCarthy formalized his impeachment plans Tuesday. An element of the White House strategy is keeping Biden focused on his governing duties while discrediting House Republican investigators. White House officials have also steadfastly refused to weigh in, describing it was a family matter. The president and first lady have kept him close amid his legal proceedings, and Hunter has appeared at family events and White House functions.

Persons: Joe Biden, Hunter Biden, David Weiss, Kevin McCarthy, Biden, Weiss, McCarthy, Jake Sullivan, “, he’s, Sullivan, ” Sullivan, walling, –, I’ve, ”, Karine Jean, Pierre, “ I’m, Hunter, Jean Organizations: CNN, Justice Department, White, United Nations, UN, Assembly, New, Democratic Locations: Asia, New York, Ukraine, That’s, Northern Virginia

LANSING, Mich. (AP) — The prospect of an auto workers strike could test Joe Biden 's treasured assertion that he's the most pro-union president in U.S. history. Political Cartoons View All 1154 Images“I think the American public as a whole realizes the impact that the American auto workers have on the economy," Killian said. But, unlike with rail and airline workers, the president doesn’t have the authority to order autoworkers to stay on the job. Nowhere will the political fallout of an auto workers strike be felt more than Michigan, which Biden won by nearly 3 percentage points in 2020. And Ray Curry, the former UAW president who was unseated by Fain, had worked with Biden in the past, even attending White House ceremonies.

Persons: Joe Biden, Marick, Doc Killian, Killian, ” Biden, Biden, ”, Shawn Fain, “, Fain, Donald Trump, Trump, TRUMP, doesn't . Fain, Dave Green, ” Green, doesn’t, Mark Brewer, Brewer, Ray Curry, Gene Sperling, Biden's, he'll, what's, Randi Weingarten, Biden’s, Weingarten, ___ Weissert, Tom Krisher Organizations: United Auto Workers, General Motors, Ford, Wayne State University, CNN, UAW, Republican, UAW “, “ Union, Democratic, GOP, Michigan Democratic Party, U.S, White, longtime Democratic, Trump, American Federation of Teachers, Associated Press Locations: LANSING, Mich, Michigan, Ohio, Indiana, Detroit, Wayne , Michigan, America, China, Washington, United States, U.S, Wisconsin, Pennsylvania, Philadelphia

☆ Apple unveils iPhone 15 Pro with titanium case, holds line on prices
▼ + stars: | 2023-09-12 | by ( Stephen Nellis | ) www.reuters.com time to read: +5 min

IPHONE 15 LAUNCHBoth the Pro and other iPhone 15 models will have a brighter display and a 48-megapixel camera as well as 100% recycled cobalt in their batteries. [1/6]New iPhone 15 and iPhone 15 Plus are displayed during the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023. Apple said that USB-C charging cables are coming to both its iPhone 15 and the charging case of its AirPods Pro devices. She said the shift "brought some differentiation to the iPhone Pro, because there's faster throughput for data transfer. The iPhone 15 costs $799, the iPhone 15 Plus starts at $899 and the Pro series starts at $999.

Persons: Apple, Jeff Williams, Loren Elliott, Carolina Milanesi, Milanesi, Greg Joswiak, Bob O'Donnell, Pro Max, Lisa Jackson, Stephen Nellis, Aditya Soni, Pushkala, Raechel, Yuvraj Malik, Peter Henderson, Lisa Shumaker Organizations: Apple, Huawei Technologies, Huawei, Securities Times, REUTERS, American Automobile Association, AAA, Creative, TECHnalysis Research, Pro, Counterpoint Research, Thomson Locations: CUPERTINO , California, Cupertino , California, China, U.S, United States, Bengaluru

☆ Potential UAW strike could cut production, push up vehicle prices, analysts say
▼ + stars: | 2023-09-11 | by ( Priyamvada C | ) www.reuters.com time to read: +3 min

Sept 11 (Reuters) - A prolonged coordinated strike by the United Auto Workers (UAW) union against the Detroit Three automakers could cut production by thousands, potentially pushing up vehicle prices and exacerbating supply-chain disruptions, analysts said. New vehicle prices may rise by less than 2% if the strike lasts about two weeks, according to automotive consulting firm J.D. That would mean an end to the trend of cooling vehicle prices in recent months, at a time when inflation continues to pinch U.S. consumers. However, UAW president Shawn Fain rejected the idea that worker wages were responsible for auto prices going up in the last few years. In a video released on Thursday titled "Here's what the Big Three and the corporate media's NOT telling you about car prices," Fain said "corporate greed" was responsible for rising car prices.

Persons: Tyson Jominy, Jominy, Garrett Nelson, J.P, Morgan, Jimmy Bhullar, Jim, Farley, Mary, Barra, Dan Ives, Tesla, Bryan DeBoer, Shawn Fain, Fain, Priyamvada C, Nathan Gomes, Abhijith, Anil D'Silva Organizations: United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Toyota, Honda, Volkswagen, Deutsche Bank, GM, Ford, Lithia Motors, Thomson Locations: ., U.S, Bengaluru

☆ An auto strike looks likely. Should I buy a car now?
▼ + stars: | 2023-09-10 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

CNN —If you’re thinking about buying a new car, you might be warily watching news about a possible United Auto Workers strike. It depends on the vehicle you’re shopping for and on your own level of flexibility in that choice. New vehicle inventories are leaner than they’ve been before past strikes, said Pat Ryan, CEO of the car shopping site CoPilot, which closely tracks dealership inventories. So vehicle production at Mexican and Canadian factories could well shut down at some point if a strike drags on. In some ways, you might find this all somewhat similar to car shopping during the era of post-covid vehicle shortages, said Ryan.

Persons: Pat Ryan, —, “ They’ve, ” Ryan, Stellantis, Ryan, that’s, ”, Ivan Drury, Michelle Krebs, Thomas Goldsby, Stellantis’s, GM’s, “, you’re Organizations: CNN, United Auto Workers, Motors, Ford, Toyota, Honda, Hyundai, Chevrolet, GM, Dodge, GMC, Edmunds.com, AutoTrader, Ford Bronco, UAW, University of Tennessee, Factories, Chevrolet Trailblazer, Trax, Auto Locations: American, Mexico, Canada, United States, North America, South Korea, Italy, China

☆ Here's how a union strike could impact Ford — and what Jim Cramer thinks about the stock
▼ + stars: | 2023-09-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +8 min

Jim Cramer's advice: He would not look to buy more Ford on weakness nor would he look to sell Ford stock at this point. Club name Ford, which employs the most UAW members at 57,000, has seen its stock drop more than 6% in the past month. The cost of the union demands for Ford could be a "meaningful chunk of their profits," Jim added but maintained that a UAW strike is "definitely not a reason to sell" Ford stock. "Production and the EV roadmap could be pushed out into 2024 and delays would be on the horizon at this crucial period for GM, Ford, and Stellantis," Wedbush analysts wrote. Jim Cramer has said the tensions between the UAW and Ford are in part keeping Ford stock from achieving the Club's price target of $16.

Persons: Jim Cramer's, Jim, Stellantis, Shawn Fain, Fain, Ford, Jim Cramer, Biden, Fain jawboning, Joe Biden, I'm, Wells, Morgan Stanley, Jeff Kowalsky Organizations: United Auto Workers, Detroit, Ford Motor, General Motors, Chrysler, Dodge, Big, Ford, UAW, GM, Workers, Labor, Detroit automaker, Deutsche Bank, Tesla, CNBC, Ford Motor Co, AFP, Getty Locations: Philadelphia, Detroit, Dearborn , Michigan

☆ 'Really bad economics': Nobel laureate Joseph Stiglitz explains where the Fed went wrong on inflation
▼ + stars: | 2023-09-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Mike Green | CNBCThe Federal Reserve "didn't do their homework" and mischaracterized the spike in inflation that has plagued the U.S. economy over the last two years, according to Nobel Prize-winning economist Joseph Stiglitz. The Fed didn't start hiking rates until March 2022 and Chair Jerome Powell repeatedly insisted that inflation was "transitory," indicating that it could be easily tamed. watch nowInstead, Stiglitz said that the price rises were often driven by other factors, such as a shortage of key components like semiconductor chips. In an effort to drag inflation back down towards its 2% target, the Fed has now hiked interest rates 11 times in total to a target range of 5.25%-5.5%, the highest level for more than 22 years. American auto companies forgot to put in orders for chips, and for want of a chip, you can't make a car."

Persons: Mike Green, Joseph Stiglitz, Jerome Powell, Stiglitz, CNBC's Steve Sedgwick Organizations: CNBC, Federal, Fed Locations: U.S

☆ UAW president says union has filed unfair labor practice charges against GM, Stellantis over contract talks
▼ + stars: | 2023-08-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT — United Auto Workers has filed unfair labor practice charges against automakers General Motors and Stellantis to the National Labor Relations Board for not bargaining with the union in good faith or a timely manner, UAW President Shawn Fain said Thursday night. The union did not file a complaint against Ford Motor , as Fain said the company responded to the UAW's demands with a counterproposal he heavily criticized. "GM and Stellantis' willful refusal to bargain in good faith is not only insulting and counterproductive, it's also illegal," Fain said during a Facebook Live. "That's why today, our union filed unfair labor practice charges, or ULPs, against both GM and Stellantis with the National Labor Relations Board." Regarding Ford's recent proposal, Fain called it "concessionary."

Persons: Shawn Fain, Fain, Stellantis, it's, Fain's, Ford, Jim Farley, Farley Organizations: DETROIT, United Auto Workers, General Motors, National Labor Relations Board, Ford Motor, GM, NLRB, —, Ford

☆ Union alleges GM, Stellantis not bargaining in good faith
▼ + stars: | 2023-08-31 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

The complaint accuses the automakers of not bargaining in good faith by not providing any response to the union’s economic demands at the bargaining table. Both GM and Stellantis, which makes vehicles under the Jeep, Ram, Dodge and Chrysler brands, deny the union’s charge that they are not bargaining in good faith. “We have been hyper-focused on negotiating directly and in good faith with the UAW and are making progress. It said it would pay workers far more than employees at the nonunion US auto plants operated by Tesla and foreign automakers. There are 145,000 UAW members at the nation’s three unionized automakers.

Persons: Shawn Fain, ” Fain, Todd Vachon, there’s, ”, Vachon, “ It’s, “ Stellantis, Fain’s, Fain, ” Gerald Johnson, ” Johnson, “, Ford Organizations: New, New York CNN — United Auto Workers, General Motors, Motors, Stellantis, CNN, Facebook, YouTube, National Labor Relations Board, Rutgers University, “, Jeep, Dodge, Chrysler, UAW, Ford, Tesla, GM Locations: New York

☆ Biden spent August trying to escape Washington. But fall realities await him
▼ + stars: | 2023-08-27 | by ( Kevin Liptak | ) edition.cnn.com time to read: +7 min

Heading home from Lake Tahoe on Saturday, President Joe Biden exchanged a week of waterfront seclusion for the more workaday realities of running the country from Washington. Like many presidents, Biden spent a good portion of August away from the White House, trading the capital’s stifling heat for the beach or the mountains. Of the first 26 days in August, Biden spent only one day entirely at the White House. He also held events at the White House marking his legislative accomplishments. The White House did detail some of the presidential tasks Biden undertook.

Persons: Sunshine, Joe Biden, Biden, ” Biden, Jill Biden, Hunter, Ashley, Jake Sullivan, Volodymyr Zelensky, Tom Steyer, Donald Trump, Barack Obama, Biden couldn’t, Jim Watson, Vladimir Putin, Yevgeny Prigozhin, “, Putin, ”, “ I’ve, Evan Vucci, Trump, Hunter –, wasn’t, Obama Organizations: White House, White, Camp David, Democratic, Secret Service, Wagner Group, Ukraine Locations: Lake Tahoe, Washington, Maui, West Coast, Russian, Ukraine, Jacksonville , Florida, Hawaii, Camp, Delaware, Wilmington, Rehoboth Beach, Tahoe, Glenbrook, New Jersey, Rehoboth Beach , Delaware, AFP, United States, Russia, South Lake Tahoe , California, Fulton County

☆ Automaker Stellantis has discussed moving pickup truck production from the U.S. to Mexico, union leader says
▼ + stars: | 2023-08-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

WARREN, Mich. – Automaker Stellantis has threatened to move production of the current Ram 1500 pickup truck from a factory in suburban Detroit to Mexico, a union leader said Sunday. United Auto Workers Vice President Rich Boyer, who heads the union's Stellantis unit, said the automaker has discussed the move during ongoing contract negotiations that are occurring simultaneously but separately between the UAW and General Motors, Stellantis and Ford Motor . Boyer said the company's plans would include producing a new all-electric Ram pickup truck at the Sterling Heights Assembly Plant, which currently produces most of the Ram light-duty pickups. "He don't give a s*** about the American auto worker," Boyer said wearing a red UAW shirt with "UNITED WE STAND DIVIDED WE FALL." "They have said they want to take the Ram 1500 ICE and send it to Mexico."

Persons: WARREN, Stellantis, Rich Boyer, Boyer, There's, didn't, Carlos Tavares Organizations: Sunday, United Auto Workers, UAW, General Motors, Stellantis, Ford Motor, Sterling Heights Assembly, Solidarity, ICE Locations: Mich, Detroit, Mexico, Sterling Heights

Consumers purchase gasoline at a gas station as a plane approaches to land at the airport in San Diego, California October 8, 2012. National retail gasoline prices will average $3.90 a gallon this month, predict analysts at Goldman Sachs. Jones said he was relieved prices were not close to the $5 a gallon level of last summer. Total U.S. gasoline stocks this month fell to 216.4 million barrels, the fifth decline in six weeks, according to U.S. government data. Reporting by Laura Sanicola and Shariq Khan; editing by Stephanie Kelly and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Goldman Sachs, Martin Jones, Jones, Irving Oil's, Patrick De Haan, Laura Sanicola, Shariq, Stephanie Kelly, Aurora Ellis Organizations: REUTERS, Consumers, American Automobile Association, Toyota Corolla, Washington , D.C, U.S . Midwest, Total U.S, U.S . National Oceanic, Atmospheric Administration, NOAA, Hurricanes, Thomson Locations: San Diego , California, California, Washington, Massachusetts, Washington ,, U.S, Ohio, Michigan, Whiting , Indiana, New Brunswick, Canada, Trainer ,, Texas, Gulf

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