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President Joe Biden speaks next to Shawn Fain, president of the United Auto Workers, as he joins striking members of the union on the picket line outside GM's Willow Run Distribution Center in Bellville, Michigan, Sept. 26, 2023. President Joe Biden joined United Auto Workers members Tuesday on the picket line outside Detroit and urged strikers to continue their fight for new contracts with big pay raises. You deserve a significant raise and other benefits," Biden said, wearing a UAW hat. The White House dodged questions Monday about whether Biden supports the specific demands of the UAW workers. But when asked at the picket line Tuesday whether he thinks workers deserve a 40% pay raise, Biden said "yes."
Persons: Joe Biden, Shawn Fain, Biden Organizations: United Auto Workers, UAW Locations: Bellville , Michigan, Detroit
They gave everything from their pensions on, and they saved the automobile industry,” Biden said Monday from the White House. Biden is also leaning in on his union support at a time when labor enjoys broad support from the public, with 67% of Americans approving of labor unions in an August Gallup poll. White House officials dismissed the notion that Trump forced their hand and noted that Biden was headed to Michigan at the request of UAW President Shawn Fain, who last week invited the sitting president to join the strikers. “He is pro-UAW, he is pro-workers, that is this president,” White House press secretary Karine Jean-Pierre said Monday. Dave Ellis, who stocks parts at the distribution center, said he’s happy Biden wants to show people he’s behind the middle class.
Persons: Joe Biden’s, Franklin Delano Roosevelt, Harry Truman, Theodore Roosevelt, Roosevelt, Biden, , , Erik Loomis, , ” Biden, Donald Trump, Gallup, Trump, President Trump, Joe Biden, Jason Miller, Shawn Fain, Karine Jean, Pierre, Carolyn Nippa, ” Nippa, “ I’m, Dave Ellis, he’s, Ellis, Gene Sperling, Julie Su, ___ Krisher, Jill Colvin Organizations: WASHINGTON, United Auto Workers, Democratic, The, University of Rhode, UAW, White, Republican, Biden, , Trump, Labor, Associated Press Locations: Las Vegas, The Palms, University of Rhode Island, Detroit, California, Hollywood, Michigan, Pennsylvania, Palestine, Ohio, Van Buren Township , Michigan, Washington, Summerville , South Carolina
Biden will join the striking United Auto Workers on the picket line — a first for any president. Trump, like Biden, will also head to Detroit and hold an event to garner support for his 2024 run. Many unions have endorsed Biden but blue-collar workers are split on who they're voting for. "He is pro-UAW, he is pro-workers, that is this president," White House press secretary Karine Jean-Pierre said Monday. She said it was "great that we have a president who wants to support local unions and the working class."
Persons: Biden, Trump, , Joe Biden's, Franklin Delano Roosevelt, Harry Truman, Theodore Roosevelt, Roosevelt, Donald Trump, autoworkers, Erik Loomis, Matt Rourke Biden, Gallup, Julie Chavez Rodriguez, Cesar Chavez, President Trump, Joe Biden, Jason Miller, Shawn Fain, Karine Jean, Pierre, Carolyn Nippa, Nippa, Dave Ellis, he's, Ellis, Gene Sperling, Julie Su Organizations: United Auto Workers, Service, Republican, Democratic, The, University of Rhode, UAW, White, General Motors, Associated Press, United Farm Workers, Biden, Trump, Labor Locations: Detroit, Las Vegas, The Palms, University of Rhode Island, California, Hollywood, Pennsylvania, Michigan, Palestine, Ohio, Van Buren Township , Michigan, Washington
The ongoing United Auto Workers strike could present a risk to the fight against inflation, according to Barclays. According to Sriram, this could consequently put upward pressure on auto prices, which have played an outsize role in persistent inflation pressures. "We think upside risks to core inflation are likely to materialize primarily in used car prices in the event of a sharp inventory drawdown," said Sriram. "Used car prices, which account for 3.5% of core CPI (but only 0.5% of core PCE), tend to be sensitive to new car inventories, more so in this post-pandemic period, with car inventories tight and new car prices substantially elevated." She noted that the strike will not likely affect auto prices through October.
Persons: , Pooja Sriram, Sriram, — CNBC's Michael Bloom Organizations: United Auto Workers, Barclays, — Ford, General Motors Locations: July's
Striking United Auto Workers (UAW) union workers picket outside the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 23, 2023. Striking auto workers say they would like to see more support from elected officials as they push to get companies to share more of the profits. Republicans believe Biden's push to electrify America's vehicle fleet, by pumping billions of dollars of tax rebates into EV manufacturing, is unpopular with auto workers. In Michigan, Trump will criticize Biden's economic policies and incentives promoting EVs and say he would do a better job of protecting blue-collar workers if elected to a second term, Miller added. Biden's Michigan visit represents the most support a sitting president has shown striking workers since Theodore Roosevelt invited striking coal workers to the White House in 1902, historians said.
Persons: Nalio Chery, Joe Biden, Donald Trump, Biden, Shawn Fain, Fain, Dave Urban, Brandon Cappelletty, Trump, Robert Bruno, Ronald Reagan, Jason Miller, Miller, Karen Finney, Finney, Theodore Roosevelt, Nandita Bose, Jarrett Renshaw, Nathan Layne, David Shepardson, Heather Timmons, Jamie Freed Organizations: United Auto Workers, UAW, Ford Michigan Assembly Plant, REUTERS, Rights, Republican, Biden, Trump, General Motors, Ford, Chrysler, University of Illinois, Michigan, EV, Democratic, White House, Thomson Locations: Wayne , Michigan, U.S, Dieu, Michigan, Wayne County , Michigan, Detroit, Toledo , Ohio, Pennsylvania, Wisconsin, Biden's Michigan, Kansas City
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInterest rates may not go up, but they have stopped going down, says Ariel's Charlie BobrinskoyCharlie Bobrinskoy, head of investment group at Ariel Investments, joins 'The Exchange' to discuss why value stocks will outperform the market after the Fed stops raising rates, pent-up demand for cars amid the UAW strike, the news saga surrounding Sphere Entertainment's opening.
Persons: Charlie Bobrinskoy Charlie Bobrinskoy Organizations: Ariel Investments, Fed, UAW
President Joe Biden is expected to visit a picket line Tuesday in the Great Lake State following a public invitation Friday from UAW President Shawn Fain. UAW members Niko Shinn (front) and Darius Collier (back) walk a picket line on Sept. 25, 2023 outside a Mopar facility owned by automaker Stellantis in Centerline. Fain has appeared with the independent senator from Vermont in Washington, D.C., and during a recent UAW rally in Detroit. Trump led Biden 46% to 43% among union members in an August survey, after Biden led Trump 51 % to 42% in June, according to Bernie Porn, president of EPIC·MRA. "With union members, he has been so supportive of just about everything that union members want.
Persons: Rebecca Cook, Joe Biden, Shawn Fain, Donald Trump, Leah Millis, Trump, Darius Collier, Collier, Stellantis, They've, Biden, Fain, Mark Burton, Gretchen Whitmer, Niko Shinn, Michael Wayland, Whitmer, Debbie Dingell, Sen, Bernie Sanders, Sanders, Fain's, who's, Bernie Porn, Trump's, Jamie Roe, Scott Olson Organizations: GM, United Auto Workers, Louisville Kentucky, Reuters DETROIT, General Motors, Ford Motor, Air Force, Joint Base Andrews, Reuters Biden, Biden, Trump, White, UAW, Michigan Gov, Democrat, Stellantis, CNBC Michigan, U.S . Rep, Washington , D.C, Detroit automakers, GOP, Trump's, Drake Enterprises, Republican, Plant, Getty Locations: Louisville, Detroit , Michigan, Michigan, Great Lake State, Clinton Township , Michigan, U.S, Joint Base Andrews , Maryland, . Michigan, Vermont, Washington ,, Detroit, Macomb County , Michigan, United States, Ford's Wayne, Wayne , Michigan
President Biden speaks from the UAW picket line in Michigan
  + stars: | 2023-09-26 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresident Biden speaks from the UAW picket line in MichiganCNBC's Phil LeBeau joins 'The Exchange' to discuss President Biden's show of support for the UAW strike, Donald Trump's upcoming visit to Michigan, and the latest on UAW negotiations.
Persons: Biden, Phil LeBeau, Biden's, Donald Trump's Organizations: UAW Locations: Michigan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresident Biden made an unpresidential mistake by joining the UAW strike, says Peebles Corp. CEODon Peebles, chairman and CEO of the Peebles Corporation, joins 'The Exchange' to discuss upset over President Biden joining the UAW picket line, Trump's effort to win Michigan, and concerns about President Biden's bid for reelection.
Persons: Biden, Don Peebles, Biden's Organizations: UAW, Peebles Corp, Peebles Corporation, Michigan
The UAW, which on Friday cited "real progress" in talks with the No. In contrast to Ford, the UAW has expanded strikes against General Motors (GM.N) and Chrysler-parent Stellantis (STLAM.MI) to 38 parts distribution centers across the United States. The UAW began unprecedented, simultaneous strikes on Sept. 15 at one assembly plant each of the Detroit Three after the prior four-year labor deals expired. The strikes at additional GM and Stellantis facilities on Friday added about 5,600 workers to the 12,700 previously on strike. Stellantis temporarily laid off 68 employees in Ohio last week and expects to furlough another 300 workers in Indiana because of the strike.
Persons: Ford, Shawn Fain, Joe Biden, Donald Trump, Stellantis, David Shepardson, Muralikumar Anantharaman, Edwina Gibbs Organizations: Ford, United Auto Workers, UAW, General Motors, Chrysler, GM, Detroit, Detroit Three, Thomson Locations: U.S, United States, Michigan, Clinton Township , Michigan, Kansas, Ohio, Indiana
DETROIT (AP) — Ford Motor Co. said Monday that it's pausing construction of a $3.5 billion electric vehicle battery plant in Michigan until it is confident it can run the factory competitively. The move comes as the company is in the midst of national contract talks with the United Auto Workers union, which wants to represent workers at battery factories and win them top wages. In February, Ford announced plans to build the plant in Marshall, Michigan, employing about 2,500 workers to make lower-cost batteries for a variety of new and existing vehicles. But Ford spokesman TR Reid confirmed Monday that plant construction has been paused and spending has been limited on it. Earlier this year Virginia dropped out of the race for the same Ford plant after Republican Gov.
Persons: , Ford, Marshall, TR Reid, , Shawn Fain, Sarah Lightner, Ford “, , ” Lightner, Sam Abuelsamid, Abuelsamid, Biden, Glenn Youngkin, Joey Cappelletti, David Koenig Organizations: DETROIT, — Ford Motor, United Auto Workers union, UAW, Ford, Detroit, General Motors, EV, Amperex Technology, . Ltd, Republican State Rep, Guidehouse, Republican Gov, Chinese Communist Party, ____ Associated Press Locations: Michigan, Marshall , Michigan, Detroit, Marshall, China, U.S, Virginia, Lansing , Michigan, Dallas
CNN —United Auto Workers union President Shawn Fain will join President Joe Biden on the picket line Tuesday in Wayne County, Michigan, according to a source familiar with the situation. Trump will skip the second Republican presidential primary debate in California Wednesday and is expected to also head to Michigan to address union workers. Negotiations between the striking UAW and Ford remained very active over the weekend and on Monday, but there is still distance on some key issues. There has not been the same movement and seriousness of progress with both General Motors and Stellantis, the source added. Fain said Friday “all parts distributions centers at General Motors and Stellantis will be on strike.
Persons: Shawn Fain, Joe Biden, Donald Trump’s, Fain, Organizations: CNN — United Auto Workers, UAW, Trump, Republican, United Auto Workers, General Motors, Ford, Big Three, GM Locations: Wayne County , Michigan, California, Michigan
In the week ahead , Club name Costco (COST) reports its quarter after the closing bell Tuesday. The analysts also remove their price target, saying the generative AI narrative is "too positive a force to contend with." Club name Oracle (ORCL) gets a price target cut to $130 per share from $132 at BMO Capital, which keeps market perform (hold) rating. Jefferies downgrades Club name Foot Locker (FL) to hold from buy and cuts price target to $18 per share from $28. Citi lowers price target on Club name Starbucks (SBUX) to $104 per share from $112.
Persons: Jim Cramer, Guggenheim, Morgan Stanley, , Max, CloudWorld, Jefferies, Jim Cramer's, Jim Organizations: Dow, Nasdaq, Costco, Hollywood, Disney, Paramount, Comcast, Universal, Warner Bros Discovery, Writers Guild of America, Alliance, Television Producers, United Auto Workers, General Motors, Chrysler, Ford, UAW, Ford ., Club, Microsoft, OpenAI, Guggenheim, Apple, Pro, Oracle, BMO Capital, Jefferies, Nike, Citi, Starbucks, Jim Cramer's Charitable, CNBC Locations: Canada
CNN —Ford is pausing work on a new, $3.5 billion electric vehicle battery plant in Michigan, even as the transition to electric vehicles has become a major sticking point in a United Auto Workers strike against automakers Ford, GM and Stellantis. No final decision has been made on whether the plant will, ultimately, become operational, said Ford spokesman T.R. If completed, the plant will be located on a 950-acre site in southern Michigan near the town of Marshall. The battery plant was planned to operate in addition to plants in Kentucky and Tennessee that Ford announced in 2021. Ford has said it plans to be able to produce 2 million electric vehicles globally by late 2026.
Persons: CNN — Ford, T.R, Reid, Ford’s, Ford, , , ” Ford, Shawn Fain Organizations: CNN, United Auto Workers, Ford, GM, Marshall, General Motors, UAW, Ford Motor Co, Amperex Technology, SK Innovations Locations: Michigan, Marshall, United States, Kentucky, Tennessee, South Korea
The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 25 (Reuters) - Canadian union Unifor announced General Motors (GM.N) as its second bargaining target in contract talks with the Detroit Three on Monday, a day after ratifying a new three-year contract with Ford Motor (F.N). Unifor had set Ford as the first target for a pattern agreement in its contract discussions with the Detroit Three in Canada. Talks with GM are set to begin on Tuesday, Sept. 26, the union said. The Canadian operations of the Detroit Three are much smaller than their U.S. setups, but the three automakers each has critical factories in Canada.
Persons: Rebecca Cook, Unifor, Ford, Shivansh, Pooja Desai Organizations: General Motors, REUTERS, Detroit, Ford Motor, Ford, Ford of, GM, United Auto Workers, UAW, Thomson Locations: Detroit , Michigan, U.S, Canada, Ford of Canada, United States, Bengaluru
For the most part, the market has paid little attention, but this time the message seems to have hit home. Banks stocks have been weak, and even former leaders in industrials like Parker Hannifin have been down. Fewer than 50% of NYSE stocks are above their 200-day moving average. Energy stocks are up, but even they have been selling off in the last week, despite the rise of oil. "Rising interest rates have made commodities-related areas, from industrial metals to energy, interesting for the time being," Timmer noted.
Persons: Jerome Powell, Powell, Russell, Parker, Frank Gretz, Timmer, Lowry Organizations: UAW, Retail, Airlines, JETS, Transports, Banks, Nvidia, Marvell, AMD, Wellington, Commodities, Energy Locations: Banks, industrials, Taiwan, Wellington Shields, mused
U.S. President Joe Biden hosts a summit with Pacific Island nation leaders at the White House in Washington, U.S., September 25, 2023. WASHINGTON — President Joe Biden's decision to join striking United Auto Workers in Detroit, Michigan, on Tuesday was not influenced by former president Donald Trump's planned visit on Wednesday, White House Press Secretary Karine Jean-Pierre said. "Absolutely not," Jean-Pierre said when asked at the press briefing Monday. "This decision to visit the picket line was based on his own desire. Jean-Pierre said Biden is visiting the picket line at the invitation of UAW President Shawn Fain and stands with autoworkers, though she did not get into details of the ongoing negotiations between the union and automakers.
Persons: Joe Biden, Joe Biden's, Donald Trump's, Karine Jean, Pierre said, Jean, Pierre, , Biden, Shawn Fain Organizations: White, WASHINGTON, United Auto Workers, White House Press, UAW, Ford, General Motors Locations: Washington , U.S, Detroit , Michigan
DETROIT (AP) — Canadian auto workers say General Motors will be their next target after members ratified a new three-year labor contract with Ford. Unifor, which represents about 4,300 workers at three GM facilities in Canada, said Monday it reached a strong deal with Ford and now will try to negotiate a pattern agreement with GM. Workers at Ford of Canada ratified a new deal on Sunday that raises base hourly pay for production workers by almost 20% over three years, and by more than 25% for trade workers. But, according to the union, that figure doesn’t include compounding of each annual increase or the initial cost-of-living increase, both of which should increase workers’ actual pay. The UAW has been on strike for 11 days with targeted factory and warehouse shutdowns at GM, Ford and Stellantis, maker of Jeep, Chrysler, Ram and other vehicles.
Persons: Lana Payne, , Ford, Ram Organizations: DETROIT, Ford, GM, Chevrolet Silverado, Workers, Canada, Detroit, ., United Auto Workers, UAW, Chrysler Locations: Canada, Oshawa , Ontario
AOC said on Face the Nation on Sunday that she wants to trade in her Tesla for a union-made EV. AOC said she bought her Tesla Model 3 during the pandemic when EVs were the "safest way" to travel. The New York lawmaker has repeatedly clashed with Tesla CEO Elon Musk over unions. On Face the Nation on Sunday, Ocasio-Cortez was asked when she would be switching her Tesla for a union-made EV. This isn't the first time that Ocasio-Cortez has expressed an interest in switching out her Tesla for a union-made EV.
Persons: Tesla, Elon Musk, Cortez, It's, who's Organizations: New, Service, United Auto Workers, UAW Locations: Wall, Silicon, Alexandria, Washington, New York, Ocasio, United States
New York CNN —As important as wages and benefits are in the unprecedented United Auto Workers strike against General Motors, Ford and Stellantis, nothing is more important than job security. When Fain announced an expansion of the strike against GM and Stellantis, he specifically exempted Ford because of that progress. The UAW hasn’t disclosed more details on job security discussions with Ford. And much of the job losses are due to the drop in US market share by the three unionized automakers. “One thing that’s most important is job security,” General Motors CEO Mary Barra told CNN the day the strike started, “When I talk to employees…they want to know their facility is getting a new product.”
Persons: Shawn Fain, Fain, Ford, ” Fain, ” Ford, , , Stellantis, Jeff Schuster, Mary Barra Organizations: New, New York CNN, United Auto Workers, General Motors, Ford, UAW, GM, Labor, GlobalData, Big, ” General, CNN Locations: New York, Belvidere , Illinois, Edmunds
Canadian autoworkers ratified a new labor agreement with Ford Motor Co. on Sunday, averting a threatened strike and potentially setting a precedent that could play out in the United Auto Workers' strike at automaker facilities in the U.S. The new agreement raises base hourly pay for production workers by almost 20% over three years, and by more than 25% for trade workers, the Canadian autoworker union Unifor said. Ford described the pact as a 15% wage increase over the three year life of the agreement. But, according to the union, that figure doesn't include compounding of each annual increase or the initial cost-of-living increase, both of which should increase workers' actual pay. It's been one week since the United Auto Workers launched historic work stoppages against major car makers.
Persons: Unifor, Ford, It's Organizations: Ford Motor, United Auto Workers, U.S, Canadian, General Motors, Stellantis
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Persons: Dow Jones Organizations: uaw
Senator Tim Scott (R-SC) attends a "Politics and Pie" town hall at Phenix Hall in Concord, New Hampshire, U.S., August 25, 2023. REUTERS/Elizabeth Frantz/File Photo Acquire Licensing RightsWASHINGTON, Sept 22 (Reuters) - The United Auto Workers (UAW) union has filed a labor complaint against Republican presidential candidate and U.S. Senator Tim Scott after his suggestion that auto workers on strike should be terminated. Scott doubled down on Friday after the complaint against him and said UAW "is one of the most corrupt and scandal-plagued unions" in the United States. * The automakers have proposed 20% raises over 4-1/2 years, while the UAW is seeking 40%.
Persons: Tim Scott, Elizabeth Frantz, Shawn Fain, Scott's, Scott, Ronald Reagan, Kanishka Singh, Chris Reese Organizations: U.S, SC, Phenix Hall, REUTERS, Rights, United Auto Workers, UAW, Republican, National Labor Relations Board, Detroit, General Motors, Chrysler, GM, Thomson Locations: Concord , New Hampshire, U.S, United States, United, Washington
Canadian autoworkers vote on tentative deal with Ford
  + stars: | 2023-09-23 | by ( Eva Rothenberg | ) edition.cnn.com   time to read: +2 min
CNN —Members of Canada’s autoworkers union, Unifor, began voting Saturday on a tentative three-year agreement the union announced it reached with Ford Motor Co. last week. Ford has said it will not comment on the terms of the tentative agreement while Unifor conducts its ratification vote. The provisional agreement comes as Ford is making headway in its negotiations with the United Auto Workers, the union representing American workers. “We do want to recognize that Ford is serious about reaching a deal,” UAW President Shawn Fain said Friday. The UAW said it did not have a comment on the terms of the Unifor deal with Ford.
Persons: Canada’s, Unifor, , , , Ford, Shawn Fain Organizations: CNN, Ford Motor Co, Stellantis, General Motors, United Auto Workers, Ford, UAW
Even after escalating its strike against Detroit automakers on Friday, the United Auto Workers union still has plenty of leverage in its effort to force the companies to agree to significant increases in pay and benefits. The UAW could, if it chose to, vastly expand the number of workers who could strike assembly plants and parts facilities of General Motors, Ford and Stellantis, the owner of the Jeep and Ram brands. All three companies said that talks with the union continued on Saturday, though officials said they expected no major announcements. In expanding the strike on Friday, the UAW struck only the parts-distribution centers of GM and Stellantis. Ford was spared from the latest walkouts because of progress that company has made in negotiations with the union, said UAW President Shawn Fain.
Persons: , , Daniel Ives, Sam Abuelsamid, Abuelsamid, Ford, Shawn Fain, Wheaton, , Fain, , “ It's, AutoNation, Mike Stanton, David Barnas, Jodi Tinson, Alexandra Olson Organizations: Detroit, United Auto Workers, UAW, General Motors, Ford, Jeep, GM, Wedbush Securities, Guidehouse, Fiat Chrysler . Service, Cornell University, National Automobile Dealers Association, Associated Press Locations: Detroit, Flint , Michigan, Sterling Heights , Michigan, Canada, United States, New York
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