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☆ Bernie Sanders and labor leaders set their sights on Gov. Tim Walz for Harris' VP
▼ + stars: | 2024-08-04 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +1 min

Tim Walz as Kamala Harris' VP pick. Walz is seen as a candidate who understands the working class and can rally rural voters. Labor leaders have also voiced support for Walz and applauded his support of the 2023 UAW strike. AdvertisementAmong the many men who could join Vice President Kamala Harris' campaign, one person stands out to Sen. Bernie Sanders: Minnesota Gov. The democratic socialist, who endorsed Harris for president, told Minnesota Public Radio on Saturday that Walz would be a candidate who "understands the needs of working families."

Persons: Sen, Bernie Sanders, Tim Walz, Kamala Harris, Walz, —, Harris, Sanders Organizations: Minnesota Gov, Labor, UAW, Service, Minnesota Public Radio, Business Locations: Minnesota, Nebraska

☆ UAW union vote at Volkswagen could have big implications for US auto industry and labor’s strength in South
▼ + stars: | 2024-04-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

A whole lot of people who were anti-union in the past have switched.”The union vote at the Volkswagen plant will mean more than whether the 4,300 hourly workers in Chattanooga are members of the UAW or not. But he said he wants the better pay and benefits he sees workers at unionized auto plants are getting, in order to provide more for his family. Volkswagen staying neutralThe company said it is neutral in the election, only urging workers to vote however they want. That’s relatively rare in union representation elections, where management often lobbies workers to vote no at mandatory meetings, and sometimes takes action against union organizers. Bill Lee and five other Southern governors – from Alabama, Georgia, Mississippi, South Carolina and Texas – who have nonunion auto plants in their states.

Persons: Renee Berry, ”, they’re, Darrell Belcher, it’s, Berry, ” Berry, Kelcey Smith, ” Smith, “, Belcher, he’s, Mercedes –, Tesla, Wheaton, Bill Lee, –, Joe Biden, Corey Linn, Biden, He’s, ’ ” Berry Organizations: New, New York CNN, Volkswagen, United Auto Workers, UAW, unionize, ” UAW, GM, Ford, VW, “, Mercedes – BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, Cornell University’s Industrial, Labor Relations, Tennessee Republican Gov, Southern, ”, don’t Locations: New York, Chattanooga , Tennessee, Chattanooga, Tennessee, Michigan, Pennsylvania, Mexico, Germany, United States, Tuscaloosa , Alabama, Alabama , Georgia , Mississippi, South Carolina, Texas

☆ Jim Cramer: What Disney needs to deliver after the bell to fend off Peltz board fight
▼ + stars: | 2024-02-07 | by ( Morgan Chittum | ) 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 Wednesday investors should be cautious of the surge though. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Dow, There's, Jim, Nelson Peltz, Jim Cramer's Organizations: CNBC, Nasdaq, Treasury, Ford, UAW, Disney, Fox, Warner Bros

☆ Ford's turnaround is back on track after the carmaker delivers a much-needed beat and raise
▼ + stars: | 2024-02-06 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

A lot of that credit belongs to Ford Pro, which increasingly looks undervalued by the market for its profit potential. The ongoing capital discipline, leverage to hybrids, profitability of Pro, and potential turnaround in quality control keep us invested in Ford. Revenues over the full year increased 19% and EBIT more than doubled to $7.2 billion, reflecting a margin of 12.4%. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Ford CEO Jim Farley speaks at the launch of the all-new electric Ford F-150 Lightning pickup truck at the Ford Rouge Electric Vehicle Center on April 26, 2022 in Dearborn, Michigan.

Persons: Ford, we've, Jim Farley, Jim Cramer's, Jim Cramer, Jim, Bill Pugliano Organizations: Ford Motor, Management, Automotive, LSEG, Ford, UAW, Ford Pro, Blue, Ford Model, Revenues, Bloomberg, CNBC, Ford Rouge Electric Vehicle Center, Getty Locations: EVs, Blue U.S, Dearborn , Michigan, U.S

The Dearborn, Michigan, automaker posted a $523 million net loss from October through December versus a $1.26 billion profit for the same period a year ago. Ford reported a $1.7 billion noncash accounting loss during the quarter on remeasurement of pension and other post-retirement employee benefits. UAW workers shut down the company’s largest and most profitable factory in Louisville, Kentucky, which makes big SUVs and heavy-duty pickup trucks. The UAW strike began Sept. 15, targeting assembly plants and other facilities at Ford, General Motors and Jeep maker Stellantis. At the end of the contract, top-scale assembly workers will make about $42 per hour, plus they’ll get annual profit-sharing checks.

Persons: —, Ford Organizations: DETROIT, — Ford Motor Co, United Auto Workers, Wall, FactSet, Revenue, UAW, Ford, General Motors Locations: Dearborn , Michigan, Louisville , Kentucky

☆ Earnings playbook: Your guide to another big week of reports, including Disney and Ford
▼ + stars: | 2024-02-04 | by ( Fred Imbert | ) www.cnbc.com time to read: +5 min

This quarter: The fast food giant is expected to report earnings and revenue growth in the high-single digits, per LSEG. What history shows: McDonald's beats earnings expectations 57% of the time, according to Bespoke Investment Group. What history shows: Ford earnings exceed expectations 69% of the time, Bespoke data shows. Disney is set to report earnings after the bell. What history shows: Disney shares have risen in each of the last two earnings days, and the company beats earnings expectations 78% of the time, Bespoke data shows.

Persons: McDonald's, Dennis Geiger, Stephens, Joshua Long, Ford, Morgan Stanley, Adam Jonas, Jonas, Ronald Josey, Kannan Venkateshwar Organizations: Technologies, CNBC, UBS, Investment, Tuesday, Management, Wall, Ford, UAW, U.S, automakers, Citi, Disney, Barclays Locations: U.S

And the company predicts a small improvement this year even as it plans for lower vehicle selling prices due to increased discounts. Cost cutting by simplifying engineering and manufacturing saved GM about $1 billion last year, Jacobson said, with another $1 billion expected this year. The company expects EV losses to ease this year and hit low-to-mid single digit profit margins in 2025 as it adds more EVs to its lineup. It also took a $1.7 billion accounting charge on the valuation of its electric vehicle inventory that is going to bring losses, Jacobson said. This year, the company expects $1.3 billion in higher labor costs and is prepared for about a $3 billion hit due to lower prices, Jacobson said.

Persons: Paul Jacobson, “ It's, ” Jacobson, Jacobson Organizations: DETROIT, —, Motors, Detroit, North, United Auto Workers, GM, UAW, Chevrolet Bolt, Cruise, Revenue Locations: North American

☆ US job openings hit more than 2-1/2-year low as labor market cools
▼ + stars: | 2023-12-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Economists polled by Reuters had forecast 9.30 million job openings in October. Job openings decreased by 168,000 in the finance and insurance industry, while real estate, rental and leasing had 49,000 fewer positions. The job openings rate dropped to 5.3% from 5.6% in September. "The current state of the labor market suggests no further recalibration is necessary to bring the labor market back into balance," said Nick Bunker, director of economics research at Indeed Hiring Lab. They also described the labor market as remaining "very competitive," and "trying to get to full staff levels."

Persons: Brian Snyder, Rubeela Farooqi, Nick Bunker, Conrad DeQuadros, November's, Bill Adams, Lucia Mutikani, Chizu Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor, Survey, Labor Department's Bureau of Labor Statistics, Reuters, Treasury, Brean, Institute for Supply Management, PMI, United Auto Workers, UAW, Comerica Bank, Thomson Locations: Somerville , Massachusetts, U.S, WASHINGTON, White Plains , New York, South, Midwest, New York, East, Dallas

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Amazon, GM, Uber, Carvana, Nike, Palo Alto & more
▼ + stars: | 2023-12-04 | by ( Michael Bloom | ) www.cnbc.com time to read: +10 min

Wells Fargo downgrades Lululemon to equal weight from overweight Wells said in its downgrade of the stock that it sees less balanced risk/reward. Morgan Stanley downgrades Sea Limited to equal weight from overweight Morgan Stanley downgraded the Singapore-based tech conglomerate until its business outlook is clearer. Morgan Stanley upgrades Insulet to overweight from equal weight Morgan Stanley initiated the insulin pump therapy company and said it sees room for further gains. Wells Fargo reiterates Nike as overweight Wells says Nike is a top defensive pick for 2024. Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said Palo Alto shares have the poten tial to rise further.

Persons: Morgan Stanley, Mizuho, Wells, LULU, Roth, Evercore, Piper Sandler, Piper, NVDA, Goldman Sachs, Goldman, it's bullish, KeyBanc, Worthington Enterprises –, TD Cowen, Coinbase, underperform TD Cowen, Oppenheimer, Uber, Truist, Herc, Palo Organizations: West Bancorp, Bank of America, Union Pacific, US Bancorp, Motors, Mizuho, GM, UAW, UBS, Apple, Deutsche Bank downgrades Anheuser Busch InBev, Deutsche, Deutsche Bank, Airlines, Alaska, " Bank of America, Google, Walmart, Nvidia, AMD, European Partners, Coke, JPMorgan, of America, Magellan, MMP, Arrowhead Pharmaceuticals, Arrowhead Pharma, Worthington Steel, Worthington Industries, Worthington Enterprises, Barclays, Resources, Herc Holdings, United Rentals, Nike, Palo Alto, Palo Locations: China, Singapore, Indonesia

☆ Ford's strong hybrid sales show the company needs to pivot to increase profits
▼ + stars: | 2023-12-04 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Hybrids "make a ton of money," Jim Cramer said Monday after Ford reported a 75% year-over-year surge in hybrid sales in November to roughly 12,100 vehicles. "Ford should be spewing capital right now," because hybrid vehicles are more profitable than EVs, Jim added. He also suggested that given the new sales numbers Ford could be in better shape than its stock indicates. Perhaps keeping a lid on gains was the 6.5% drop reported in legacy internal combustion engine vehicle (ICE) sales to nearly 124,500 units. Maverick and F-150 trucks drove a 40% increase in hybrid sales in the third quarter, the three months ended in September.

Persons: Jim Cramer, Ford, Jim, Jim Farley, Farley, Jim Cramer's Organizations: Ford, EV, ICE, United Auto Workers, UAW, CNBC, Ford Maverick

☆ We're updating price targets for 6 stocks and changing our rating for Palo Alto
▼ + stars: | 2023-12-01 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

The Club on Friday is changing the rating and price target on one of our favorite stocks, and updating the price targets on 5 other names in the portfolio to reflect recent quarterly earnings reports, new developments at the companies and broader economic forces. We're increasing our price target on shares of Palo Alto (PANW) to $300 from $280. We're raising our price target on shares of Salesforce (CRM) to $275 from $240. We're lowering our price target for Ford (F) stock to $13 from $16. We're lifting our price target on shares of Eli Lilly (LLY) to $630 from $600.

Persons: PANW, Ford, Linde's, Linde, Eli Lilly, it's, It's, Jim Cramer's, Jim Cramer, Jim Organizations: Palo, Palo Alto Networks, Costco, Ford, UAW, Management, Motors, GM, Linde, LIN, P Healthcare, donanemab, Novo Nordisk, Pfizer, CNBC Locations: Alzheimer's, Lilly, Santa Clara , California

☆ Ford reinstates 2023 guidance, says UAW deal to cost $8.8 billion over life of the contract
▼ + stars: | 2023-11-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

The guidance calls for $10 billion to $10.5 billion in adjusted earnings before interest and taxes, or EBIT, and adjusted free cash flow of between $5 billion and $5.5 billion. That compares to its previously announced guidance of adjusted-EBIT of between $11 billion and $12 billion and adjusted free cash flow of $6.5 billion to $7 billion. Ford said the new UAW labor agreement is expected to cost $8.8 billion over the life of the contract, which expires in April 2028. Ford further confirmed on Thursday that the UAW deal is expected to add about $900 in costs per assembled vehicle by 2028. GM's forecast called for net income attributable to stockholders of $9.1 billion to $9.7 billion; adjusted EBIT of $11.7 billion to $12.7 billion; and adjusted earnings per share of roughly $7.20 to $7.70.

Persons: Ford, John Lawler, Lawler, We've Organizations: United Auto Workers, UAW, Crosstown, General Motors, Barclays, GM, Chrysler, U.S

DETROIT (AP) — A six-week United Auto Workers strike at Ford cut sales by about 100,000 vehicles and cost the company $1.7 billion in lost profits this year, the automaker said Thursday. The company now expects to earn $10 billion to $10.5 billion before taxes in 2023. UAW workers shut down the company's largest and most profitable factory in Louisville, Kentucky, which makes big SUVs and heavy-duty pickup trucks. The UAW strike began Sept. 15, targeting assembly plants and other facilities at Ford, General Motors and Jeep maker Stellantis. At the end of the contract top-scale assembly workers will make about $42 per hour, plus they’ll get annual profit-sharing checks.

Persons: John Lawler, Ford, Lawler, Shawn Fain Organizations: DETROIT, United Auto Workers, Ford, UAW, Barclays Global Automotive, Mobility Technology, General Motors Locations: Dearborn , Michigan, Louisville , Kentucky, New York

☆ Ford takes $1.7 billion profit hit from UAW strike
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +3 min

The automaker now expects adjusted earnings before interest and taxes (EBIT) of $10 billion to $10.5 billion for 2023. In July, it forecast adjusted EBIT of $11 billion to $12 billion. Ford said the new outlook included $1.6 billion in lost profits in the fourth quarter due to interruptions in production of high-margin trucks and SUVs. A month into the strikes, Ford said the company was "at the limit" of what it could spend on higher wages and benefits. The deal UAW leaders finally approved included a pay hike of at least 30% for full-time workers and more than double pay for others.

Persons: David, Dee, Delgado, Ford, Shawn Fain, walkouts, Bill Ford, Tesla, Nathan Gomes, Anil D'Silva Organizations: New York, REUTERS, Ford, GM, UAW, Canadian, Chrysler, EV, Thomson Locations: Manhattan , New York City, U.S, United States, Michigan, Bengaluru

☆ GM initiates $10 billion buyback, boosts dividend and reinstates 2023 guidance after UAW strikes
▼ + stars: | 2023-11-29 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

General Motors is seeking to regain Wall Street's confidence leading into 2024 with several investor-focused initiatives Wednesday following a tumultuous year of labor strikes and setbacks in its plans for electric and autonomous vehicles. GM's reinstated 2023 guidance also includes:Net income attributable to stockholders of $9.1 billion to $9.7 billion, compared to a previous outlook of $9.3 billion to $10.7 billion. Adjusted EBIT of $11.7 billion to $12.7 billion, compared to the previous outlook of $12.0 billion to $14.0 billion. Adjusted earnings per share of roughly $7.20 to $7.70 including the stock buyback, compared to the previous outlook of $7.15 to $8.15. Before the UAW strikes, CFO Paul Jacobson said the company was on track to achieve "toward the upper half" of its earnings forecast.

Persons: Mary Barra, General Motors, GM's, Paul Jacobson Organizations: General Motors Company, Milken Institute Global Conference, General, Detroit, United Auto Workers, GM, UAW Locations: Beverly Hills , California

☆ GM outlines $9.3 billion in increased costs from new labor deals
▼ + stars: | 2023-11-29 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

The $9.3 billion in additional costs through 2028 is for deals with the UAW as well as Canadian union Unifor, and translates to about $575 per vehicle over the life of the deals. GM's new guidance reduced expected net income attributable to stockholders for 2023 to a range of $9.1 billion to $9.7 billion, compared to the previous outlook of $9.3 billion to $10.7 billion. That includes an estimated $1.1 billion EBIT-adjusted impact from the UAW strike, which lasted just over six weeks, primarily from lost production. GM had approximately 1.37 billion shares of common stock outstanding prior to the buyback program, the company said. GM will still have another $1.4 billion of capacity remaining under its share repurchase authorization for additional stock buybacks.

Persons: Heather Somerville, Mary Barra, Barra, Cruise, Goldman Sachs, David Shepardson, Ben Klayman, Sharon Singleton, Mark Potter Organizations: General Motors, REUTERS, Detroit, United Auto Workers, UAW, GM, Cruise, Bank of America, Barclays, Citibank, Thomson Locations: San Francisco , California, U.S, California, Detroit

☆ GM lavishes shareholders with cash weeks after saying it couldn’t afford workers’ demands
▼ + stars: | 2023-11-29 | by ( Allison Morrow | Chris Isidore | ) edition.cnn.com time to read: +3 min

GM’s stock jumped nearly 10% on the news. The announcement comes just weeks after GM executives argued the company couldn’t afford to give the union the wage and benefit gains it wanted. The UAW strike dragged on for six weeks and shut down production in key manufacturing plants. New contracts for GM’s unionized workers in the United States and Canada will cost the company an additional $9.3 billion through 2028. Even with Wednesday’s surge in GM’s share price, the stock is trading for less than it did at the start of the strike.

Persons: Mark Reuss, “, ”, Mary Barra, Buybacks, Sen, Elizabeth Warren, Warren, ” Warren, — CNN’s Matt Egan Organizations: New, New York CNN —, Motors, GM, United Auto Workers, nonunion automakers, UAW Locations: New York, salve, United States, Canada

Workers at Ford voted 69.3% in favor of the pact, which passed with nearly a 15,000-vote margin in balloting that ended early Saturday. Earlier this week, GM workers narrowly approved a similar contract. They also agreed in principle to bring new electric-vehicle battery plants into the national union contract. This provision will give the UAW an opportunity to unionize the EV battery plants plants, which will represent a rising share of industry jobs in the years ahead. Contracts with the auto companies should also lead to higher wages at auto-parts supply companies and in other industries, Wheaton said.

Persons: Shawn Fain, Fain, ”, Wheaton, United States —, Hyundai —, Mark McGill, ” McGill, he'll, Ford, John Lawler, Michelle Krebs, Krebs, Joe Biden, Cornell's Wheaton, Biden, didn't Organizations: DETROIT, United Auto Workers, Ford, General Motors, Workers, UAW, Cornell University, United States — Honda, Toyota, Hyundai, Tesla, Foreign, GM, Chrysler, Bronco, Cox Automotive, Cox Locations: Stellantis, United States, Wheaton, Wayne , Michigan, U.S, Detroit, Belvidere , Illinois, Scranton , Pennsylvania

Service centers - facilities that play a crucial role in supplying manufacturing companies nearly finished steel products - had paused purchases ahead of the United Auto Workers (UAW) union's coordinated strike against the Detroit automakers. However, many of them were soon forced to place large orders as stocks ran low and operations resumed at the carmakers. Reuters Graphics Reuters GraphicsThe automotive segment makes up about 25% of the total U.S. sheet demand, with about 65% of that attributable to the Big Three Detroit automakers in any given year, CRU data showed. Nucor Corp (NUE.N) has raised HRC prices to $950/st while U.S. Steel (X.N) recently announced a $100/st price increase, without specifying a final rate. Meanwhile, automakers stare at higher costs for a key raw material if prices extend their upward trajectory for longer.

Persons: union's, Ryan McKinley, Morgan, Philip Gibbs, Gordon Lee Johnson, Ananta Agarwal, Nathan Gomes, Arpan Varghese, Sriraj Organizations: Detroit Three, CRU Group . Service, United Auto Workers, UAW, Detroit, CRU, Reuters Graphics Reuters, Big Three Detroit, Cleveland Cliffs, HRC, Nucor Corp, U.S . Steel, KeyBanc, GLJ Research, Thomson Locations: Bengaluru

The UAW union secured historic raises for its 140,000 members after a six-week strike. Companies including Toyota and Honda are now rolling out raises of their own. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "They can point to 9% raises at Toyota and say 'look, we're already moving the needle, we can keep helping you.'"

Persons: —, Harry Katz, it's, There's, Katz, They've, Elon Musk, Shawn Fain, Wheaton Organizations: UAW, Tesla, Companies, Toyota, Honda, Service, Detroit, General Motors, Hyundai, Reuters, Cornell University Locations: Ford, Alabama, Georgia, Kentucky

☆ The Social Gospel movement is changing our politics and reshaping our perspectives
▼ + stars: | 2023-11-13 | by ( John Blake | ) edition.cnn.com time to read: +15 min

Fain’s sermonette underscores a trend that has largely gone unnoticed: The Social Gospel movement is making a comeback. Jemal Countess/Getty ImagesIt might sound like hyperbole to say that this resurgent form of the Social Gospel is changing our politics. He reached deep into the Social Gospel throughout the UAW strike, routinely deploying what one commentator called “strikingly Christian rhetoric.”Christopher H. Evans, author of “The Social Gospel in American Religion: A History,” said he heard the Social Gospel in Fain’s UAW speeches. “It (The Social Gospel) won’t have the institutional muscle it had before, but you could still have these voices and followers.”The climate in contemporary America seems ripe for the Social Gospel message. And the soaring optimism of old Social Gospel reformers may now seem as outdated as wobbly black-and-white silent films.

Persons: CNN —, Shawn Fain, Fain, ” Fain, Matthew, Jesus, ”, Moses, Paul, Stellantis, Fain’s sermonette, don’t, Frederic J . Brown, John D, Rockefeller, “, pulpits, didn’t, Charles Sheldon, Fain’s, that’s, Democratic Sen, Raphael Warnock, Cornel West, William Barber II, Liz Theoharis, Matthew Desmond, Martin Luther King, William Barber, Jemal Countess, ” Christopher H, Evans, Heath W, Carter, Luke, Sen, Warnock, Barber, Desmond, Amir Levy, it’s, ” It’s, you’re, ” Evans, Dom Helder Camara, Rebecca Cook, Reuters “ There’s, won’t, —, John Blake Organizations: CNN, Big Three, United Auto Workers, UAW, General Motors, Ford Motor Company, Chrysler, Writers Guild of America, UPS Teamsters, UPS, Getty, Democratic, US, Big Tech, Boston University, ” Mining, Library, “, Princeton Theological Seminary, Yale Divinity School‘s Center, Public Theology, Ivy League, The New York Times, Social, Reuters, Teamsters, Screen Actors Guild Locations: Jerusalem, America, Los Angeles, AFP, Washington, Kingston , Pennsylvania, Chicago, ”, American City, American, Lower Manhattan, New York City, Brazilian, Detroit

☆ Why strikes are working and which industries could be next
▼ + stars: | 2023-11-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

We asked experts why recent strikes have had success and which industries could be next. AdvertisementAdvertisementIf worker movements pick up in the months and years ahead, it shouldn't be a big surprise. At the same time, an aging US population is expected to increase the demand for healthcare workers. And if the economy remains strong, he said "previously untouchable" corporations like Amazon and Starbucks could see more worker movements and unionization. But in the near term, some labor movements will likely persist even if conditions aren't perfect.

Persons: —, that's, Matthew Johnson, Victor Chen, Johnson, COVID, Caroline Lucas, Dave Young, VCU's Chen, Biden —, Eunice Han, Duke's Johnson, Jake Rosenfeld Organizations: UAW, UPS, Hollywood, Healthcare, Service, Permanente, Workforce, Teamsters, Duke University, Virginia Commonwealth University, Kaiser Permanente, National Council of State, of Nursing, Coalition, Kaiser Permanente Unions, United Food, Commercial Workers, University of Utah, Research, Washington University

Ford envisions at least three new electric vehicles that will preserve jobs at several factories. Those and other closely held production plans by Detroit's automakers have emerged in details of the tentative contract agreements that ended the six-week strikes by the United Auto Workers union. The UAW's success in gaining commitments from the companies to build new electric vehicles at several factories represented a particular achievement. The automakers have all embraced the transition to electric vehicles as a large-scale and long-term commitment. And not all the companies’ production plans under the contract, of course, involve electric vehicles.

Persons: —, Biden, What's, Ford, Stellantis, ___ Veiga Organizations: DETROIT, Ford, General Motors, Detroit's automakers, United Auto Workers, Workers, EVs, EV, Dodge, Jeep, Cherokee, UAW, Kentucky, Plant, Expedition, Lincoln Navigator, Lincoln, Ohio Assembly Plant, Hill Assembly, Honda, Chevrolet Silverado, GMC Sierra, Fairfax Assembly Plant, GM, Detroit automakers, Toyota Tacoma Locations: Belvidere , Illinois, Toledo, Warren , Michigan, Sterling Heights , Michigan, Detroit, Dodge Durango, Rouge, Dearborn , Michigan, Louisville, Cleveland, Rock , Michigan, Hill, Hill Assembly Plant, Tennessee, Orion Township , Michigan, Fairfax, Kansas City , Kansas, Lansing , Michigan, Los Angeles

☆ US job growth probably slowed in October due to UAW strike
▼ + stars: | 2023-11-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The anticipated moderation in employment growth last month would also be pay back after September's enormous gains, the largest in eight months. The Labor Department's closely watched employment report on Friday is expected to show labor market conditions steadily easing, with annual wage growth the smallest in nearly 2-1/2 years and significant growth in the supply of workers. Manufacturing payrolls are forecast falling 10,000 after advancing 17,000 in September. Last week, the BLS reported at least 30,000 UAW members were on strike during the period it surveyed businesses for October's employment report. Wages gains would still be above the 3.5% that economists say is consistent with the Fed's 2% target.

Persons: Brian Snyder, Detroit's, Sam Bullard, payrolls, Veronica Clark, we've, Sung Won Sohn, we're, Brian Bethune, that's, Lucia Mutikani, David Gregorio Our Organizations: Taylor Party, Equipment Rentals, REUTERS, UAW, United Auto Workers, Labor, Federal Reserve, Labor Department's Bureau of Labor Statistics, Manufacturing, BLS, Citigroup, UPS, Finance, Loyola Marymount University, Boston College, Thomson Locations: Somerville , Massachusetts, U.S, WASHINGTON, Wells, Charlotte , North Carolina, New York, Los Angeles

☆ How the UAW's drive to 'end tiers' will change GM
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +3 min

The tentative 4-1/2 year deal will pull more than 7,000 UAW workers in GM component plants, service parts warehouses and what GM calls "subsystems" operations up to the higher wage levels paid to assembly plant workers. As at Ford and Stellantis, GM will raise pay for temporary workers and give them a faster path to full-time status and wages. Eliminating tiers of lower-paid UAW workers at the Detroit Three was a top priority for Fain and UAW bargainers. Fain and UAW members would often wear red t-shirts printed with the slogan "End Tiers" at rallies and on picket lines. GM "has been the worst actor" in creating tiers of lower-wage UAW employees within its operations, Booth said in an Oct. 20 video address.

Persons: Shawn Fain, Rebecca Cook, Shawn Fain's, Fain, Mike Booth, Booth, Joe White, Peter Henderson, Josie Kao Organizations: United Auto Workers, REUTERS, Rights DETROIT, General Motors, UAW, GM, Workers, Holdings, Ford, Tesla, Detroit, automaker . Workers, Thomson Locations: Detroit , Michigan, U.S, , Ohio, Stellantis .

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