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When autoworkers went on strike in September, executives of the large U.S. automakers warned that union demands could significantly undermine their ability to compete in a fast-changing industry. The chief executive of Ford Motor said that the company might have to scrap its investment in electric vehicles. Ford’s cost will rise under the terms of the new contract, which includes a 25 percent raise over four and a half years, improved retirement benefits and other provisions. But analysts said those increases should be manageable. If anything, he said, the deal will help Ford, in part because the four-year contract ensures there will be no labor strife during an intense phase of the transition to electric vehicles.

Persons: autoworkers, Ram, ”, Joshua Murray, Ford Organizations: Ford Motor, Ford, United Automobile Workers, General Motors, Chrysler, Vanderbilt University

☆ Ford, UAW negotiators reach labor deal, pending union leadership approval
▼ + stars: | 2023-10-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – The United Auto Workers union and Ford Motor have agreed in principle to the terms of a tentative agreement that would end a nearly six-week strike at the automaker, sources with knowledge of the discussions confirmed Wednesday to CNBC. Any deal would still need to be ratified by a simple majority of Ford's 57,000 union-represented workers. The automaker and the union participated in intense bargaining Tuesday and Wednesday in an attempt to finalize a record deal, according to the sources. However, a tentative agreement with Ford would likely be used as a template to negotiate with Stellantis and GM. The union expanded strikes against both of those automakers at major plants this week.

Persons: Shawn Fain, Margaret Mock, Stellantis Organizations: United Auto Workers, UAW, DETROIT –, Ford Motor, CNBC, Ford, Detroit, General Motors, Stellantis, GM Locations: Sterling Heights , Michigan

Revenue of $44.13 billion rose 5.4% and also exceeded estimates of $42.48 billion, according to data provider FactSet. The UAW has been on strike since Sept. 15 — nearly six weeks — against GM and its Detroit competitors, Ford and Jeep maker Stellantis. Jacobson said the third-quarter strike loss was $200 million, since the walkouts were only in effect the final two weeks of the period. Jacobson said GM still expects to start turning low-to-mid single-digit profit margins on electric vehicles in 2025. The company's U.S. sales rose 21%, and Jacobson said the average U.S. selling price for GM vehicles was $50,750, down only slightly from the previous quarter.

Persons: Paul Jacobson, Jacobson, “, ” Jacobson, ” Jessica Caldwell, ” Organizations: DETROIT, General Motors, United Auto Workers union, GM, Wall, UAW, Detroit, Ford Locations: Detroit, Sterling Heights , Michigan, Louisville , Kentucky, Michigan, North America

☆ GM earnings rise despite strike
▼ + stars: | 2023-10-24 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

The company’s earnings per share rose to $2.28, up from $2.25, in the past quarter. The company said that the strike cost it $200 million in its first two weeks of the quarter. The UAW has been on strike against GM as well as rivals Ford and Stellantis since September 15. The targeted strike started with work stoppages at one assembly plant for each of the automakers and 12,700 on strike but has grown since then. There are now more than 40,000 autoworkers on strike, with 9,200 members on strike at GM alone.

Persons: Refinitiv, Shawn Fain, “, ”, Paul Jacobson, we’re, Mary Barra, “ It’s, ” Barra Organizations: New, New York CNN —, Motors, United Auto Workers, Revenue, UAW, GM, Ford, CNBC, EV, GM Financial, Chevrolet, GMC Yukon Locations: New York, Stellantis, China, Wentzville , Missouri, Lansing , Michigan, Arlington , Texas, Suburban, Ford, Arlington

☆ Nonunion Workers Are Playing a Big Role in the Autoworkers’ Strike
▼ + stars: | 2023-10-23 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Executives at Ford Motor, General Motors and Stellantis, the parent of Chrysler, invoke nonunion automakers, many of them in the South, as a competitive threat that makes it impossible for them to meet striking workers’ demands for big raises, more generous benefits and better working conditions. “Toyota, Honda, Tesla and others are loving this strike because they know the longer it goes on, the better it is for them,” Bill Ford, the executive chair of Ford Motor, said in Michigan last week. “They will win, and all of us will lose.”The United Automobile Workers union sees such statements as an attempt to play workers off one another. It views the strikes, entering their sixth week, as a first step toward better pay for not only U.A.W. members but also the nonunion workers that it plans to recruit in the future.

Persons: Tesla, Bill Ford, “ Organizations: Toyota, Benz, Ford Motor, General Motors, Chrysler, Honda, United Automobile Workers Locations: Kentucky, Alabama, Texas, Detroit, Michigan

☆ A recession is about to hit the US economy. Here are 3 warning signs that defy consensus view, according to Raymond James
▼ + stars: | 2023-10-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

A recession is poised to hit the US economy within the next nine months, according to Raymond James. These are the three big warning signs Raymond James is monitoring ahead of a potential recession. These are the three warning signs he is monitoring ahead of a potential recession. Tailwinds that drove strong consumer spending since the pandemic are ending and excess savings have been nearly depleted. All of these risks should ultimately weigh on consumer spending habits as the crucial holiday season approaches.

Persons: Raymond James, Larry Adam, Adam, Brian Moynihan Organizations: Bank of America, Consumers

The United Auto Workers union has once again escalated its strikes against big Detroit automakers, this time adding a factory that makes Ram pickup trucks for Stellantis. No progress was reported with Ford, which last week said it had the best offer of the three. The union went on strike Sept. 15 at one assembly plant from each company. By taking down the Stellantis factory, the union is signaling Ford and GM to improve their offers, Wedbush analyst Dan Ives said. Each time the automakers make an offer, Fain said, they insist it’s the best they can do, only to return days later with a better offer.

Persons: Shawn Fain, Ford, Stellantis, Dan Ives, Fain, ” Ives, “ We’ve, they’ve, ” Fain, ” ____ Koenig Organizations: United Auto Workers, Detroit automakers, Sterling, General Motors, Ford, UAW, Fiat Chrysler, France's PSA Groupe, GM Locations: Sterling Heights , Michigan, Louisville , Kentucky, Stellantis, Dallas

His comments come despite record contract offers from General Motors , Ford Motor and Stellantis that now include 23% hourly pay increases and other significantly enhanced benefits during the terms of the four and a half-year deal. "These are already record contracts, but they come at the end of decades of record decline. Despite Fain's comments, the union did not announce additional strikes Friday against any of the companies. He said it should be the UAW and Ford against foreign automakers," Fain said. About 34,000 U.S. automakers with the companies, or roughly 23% of UAW members covered by the expired contracts with the Detroit automakers, were on strike.

Persons: Shawn Fain, Fain, it's, they've, Bill Ford, Ford, Stellantis Organizations: DETROIT, United Auto Workers, Detroit, General Motors, Ford Motor, Bloomberg, Ford's, Ford, UAW, GM, Detroit automakers Locations: Stellantis, Ford's Kentucky

☆ Ford reshuffles top management as UAW strike drags on
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsCompanies Ford Motor Co FollowOct 18 (Reuters) - Ford Motor Co (F.N) on Wednesday announced a management rejig, promoting combustion vehicle unit chief Kumar Galhotra to the position of chief operating officer, even as the ongoing autoworkers strike shows little signs of ending. Galhotra, who previously headed Ford Blue unit that makes gas and hybrid vehicles, will now lead the automaker's global industrial system. Ford also named Andrew Frick as the new head of Ford Blue. Frick previously managed Ford Blue's sales and distribution functions, trucks, SUVs and enthusiast vehicles, and operations in Mexico and Canada.

Persons: Wolfgang Rattay, Kumar Galhotra, Galhotra, Ford, Andrew Frick, Frick, Nathan Gomes, Krishna Chandra Organizations: REUTERS, Ford, Ford Motor, Wednesday, Ford Blue, United Auto Workers, Anderson Economic Group, UAW, Thomson Locations: Frankfurt, Germany, Mexico, Canada, East Lansing , Michigan, Ford's Kentucky, Bengaluru

But Curtis Chin's parents urged their six kids to ask customers at their Chinese restaurant about their background. Recent hate crimes have evoked comparisons to Vincent Chin's beating death at the hands of two white autoworkers outside his bachelor party. Curtis Chin's uncle was Vincent Chin's best man. Asian American and Pacific Islander groups are behind several upcoming events. “I just can’t impress upon it enough how much I feel like my whole community is rallying behind me for this book,” Chin said.

Persons: Curtis Chin's, —, Chin, “, ”, “ Vincent Who, Vincent Chin, Curtis Chin, it's, ” Chin, Chung's, ” Roland Hwang, Vincent Chin's, Hwang, there’s, George Floyd's, I’ve, Lily Chen, Curtis, Chen, we've, it’s, ___ Tang Organizations: Detroit, Asian American Writers ’, The Washington Post, The, American Citizens, Justice, Detroit Historical Museum, ”, Pacific, Associated Press Locations: Los Angeles, The, Detroit, Chinatown, Detroit's, Cass, The Cass, That's, ”, Asian American, Phoenix, @ttangAP

☆ CNN Poll: Americans overwhelmingly side with autoworkers in ongoing union strike
▼ + stars: | 2023-10-17 | by ( Ariel Edwards-Levy | ) edition.cnn.com time to read: +6 min

CNN —Americans overwhelmingly side with unionized autoworkers in their ongoing strike against major car companies, a new CNN poll conducted by SSRS finds, even as most say that elected officials should steer clear of labor disputes. Support for the striking workers is particularly robust among Democrats (56% sympathize strongly), members of union households (57%) and self-described liberals (61%). The effects of the United Auto Workers union strike have been relatively limited for American consumers so far. There’s a slightly more pronounced racial divide, with 79% of White Americans saying things have gotten harder financially, compared with 68% of Americans of color who feel the same. A 64% majority of Americans say that the GOP-led House committees investigating Biden are mostly using the investigations to gain political advantage, compared with 36% who say they are mostly conducting objective investigations.

Persons: SSRS, who’ve, shouldn’t, Joe Biden, autoworkers, Republicans –, Donald Trump, Biden’s, Biden Organizations: CNN, autoworkers, United Auto Workers, General Motors, Ford, Jeep, Dodge, Chrysler, GOP, Republicans, Democratic, Democratic Party, United Auto Workers union, Big, White, Republican Locations: Michigan

Some of their sharpest exchanges during the televised debate, however, came when asked to lay out their stands on abortion. Their remarks, which took place about three weeks before the Nov. 7 election, came against the backdrop of Kentucky's current abortion law, which bans the procedure except when carried out to save a pregnant woman’s life or to prevent a disabling injury. Cameron went on the attack by pointing to Beshear’s opposition to abortion restrictions passed by the state’s GOP-dominated legislature. Beshear also made another pitch for his plan for state-funded pre-K for every 4-year-old in Kentucky. Beshear criticized Cameron for supporting a Republican-backed measure to award tax credits for donations supporting private school tuition.

Persons: Andy Beshear, Daniel Cameron, Beshear, Roe, Wade, —, Cameron, Andy Beshear’s, ” Beshear, ” Cameron, he's, Cameron’s, Ford, ” Ford, Joe Biden's, “ Organizations: Republican, Northern Kentucky University, autoworkers, Plant, U.S, Supreme, GOP, Kentucky Supreme, United Auto Workers, Detroit, UAW, Ford, SK Innovation, Democratic, Washington , D.C Locations: Kentucky, Highland Heights , Kentucky, Louisville, Kentucky's, South Korea, Glendale, Beshear, Washington ,

DETROIT (AP) — Ford Motor Co. Executive Chairman Bill Ford called on autoworkers to come together to end a monthlong strike that he says could cost the company the ability to invest in the future. Many jobs will be lost,” said the great grandson of company founder Henry Ford. Ford has 57,000 UAW workers compared with 46,000 at GM and 43,000 at Stellantis. Ford said the strike at the Kentucky plant is harming tens of thousands of Americans who work for parts suppliers and Ford dealers. Fain said on Wednesday that Ford told UAW bargainers for nearly two weeks that it would make another counteroffer on economic issues.

Persons: —, Bill Ford, Ford, ”, Henry Ford, ” Ford, “, Shawn Fain, Fain, Kumar Galhotra, “ Ford hasn’t, “ We’ve, they’re, ” Galhotra Organizations: DETROIT, — Ford Motor Co, America, United Auto Workers, Ford, GM, United Auto Workers union, Detroit, Kentucky, Plant, UAW, General Motors, Lincoln, UAW bargainers Locations: Dearborn , Michigan, America, Stellantis, Mexico, U.S, Louisville, Kentucky

☆ Canadian autoworkers union Unifor ratifies GM labor deal
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

The Canadian union, which represents about 4,300 workers at GM in these talks, said 80.5% of its members at facilities in Oshawa, St. Catharines and Woodstock voted in favor of the deal. The deal with GM followed the pattern set with Ford Motor (F.N), which settled with Unifor last month. In the United States, about 9,200 members of the United Auto Workers (UAW) union have affected two GM assembly plants and 18 parts distribution centers. GM also has furloughed about 2,300 U.S. workers due to the impact of the UAW strike. Unifor has used the "pattern bargaining" approach in its talks, reaching a deal first with Ford and then picking GM as the second bargaining target.

Persons: Claude Robitaille, Unifor, Shivansh Tiwary, Nathan Gomes, Mrinmay Dey, Ben Klayman, Matthew Lewis, Diane Craft, Sandra Maler Organizations: Chevrolet Silverado, General, REUTERS, General Motors, Canadian, GM, Woodstock, Ford Motor, United Auto Workers, UAW, Ford, Chrysler, Thomson Locations: Oshawa, Oshawa , Ontario, Canada, United States, St, Catharines, Ingersoll , Ontario, Bengaluru

☆ Autoworkers in Canada OK deal with GM
▼ + stars: | 2023-10-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Members of Unifor, the Canadian union that represents 4,300 workers at GM, voted 80% in favor of the new deal, which gives them base-wage increases of nearly 20% during the life of the deal and improves their pensions. Had the GM rank and file of Unifor voted down the tentative deal, the union was prepared to immediately resume the strike. Unifor members in three Ontario cities went on strike at GM just after the deadline at 11:59 p.m. Monday. We did that.”“Nothing worthwhile is ever easy – and labor negotiations are no exception,” Marissa West, president and managing director of GM Canada, said in a statement. The two deals in Canada stand in contrast to the strike against the US operations of GM, Ford and Stellantis.

Persons: New York CNN —, Unifor, Mack Trucks, ”, Lana Payne, “, ” Marissa West, we’ve, ” Unifor, Shawn Fain Organizations: New, New York CNN, General Motors, Unifor, GM, Ford, United Auto Workers, GM Canada, Canada, North American, Jeep, Dodge, Chrysler, UAW Locations: New York, Canada, Ontario, “, Stellantis

TORONTO (AP) — Canadian autoworkers have voted to ratify a three-year contract agreement with General Motors. Workers would get 10% in general pay raises in the first year, with 2% in the second and 3% in the third. The company also agreed to restore cost-of-living pay raises starting in December of 2024. Temporary workers would get pay raises, and those with at least one year of service would get permanent jobs. In the United States, strikes continue by the United Auto Workers union with nearly 34,000 workers off their jobs at all three Detroit companies.

Persons: Unifor Organizations: TORONTO, General Motors, Unifor, Ontario GM, Ford, Stellantis, GM, Workers, United Auto Workers Locations: Ontario, Oshawa, St, Catharines , Ontario, Woodstock , Ontario, United States, Detroit

☆ Efforts to form a new union have surged 58% since Biden became president, federal officials say
▼ + stars: | 2023-10-14 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +3 min

The national labor agency says it processed over 2,500 petitions to form a new union in the last year. That's up from fewer than 1,700 petitions in the 2021 fiscal year, an increase of 58%. The National Labor Relations Board announced Friday that petitions to form unions continue to rise following a "dramatic surge" the year before. Compared to fiscal year 2021, when Biden entered office, requests for union recognition are up 58%. AdvertisementAdvertisementThe rise in union organizing — and complaints about employer retaliation — has been accompanied by a massive increase in labor actions.

Persons: —, Joe Biden, Biden, autoworkers Organizations: Service, National Labor Relations, NLRB, Cornell University

And 30% say Biden did nothing wrong, according to the poll. House Republicans have launched an impeachment inquiry into Biden, seeking to tie the president to the foreign business dealings of his 53-year-old son. Republicans have been investigating Hunter Biden for years, since his father was vice president. About an additional third in each party say they think Biden at least did something unethical. The same 2019 AP-NORC poll found that 69% of Americans said it was inappropriate for Hunter Biden to serve on the board of a Ukrainian energy company while Joe Biden was vice president.

Persons: Joe Biden, Hunter Biden, unethically, Biden, Hank Gardiner, ”, Gardiner, reelect, Donald Trump, ” Biden, swirled, Trump, “ We’ve, David Parrott, he’s, Parrott, Terry Kilgore, Kilgore, Volodymyr Zelenskyy, “, Shae Rouzan, Rouzan, Oakley Graham, Graham, ’ Organizations: WASHINGTON, Associated Press, NORC, for Public Affairs Research, House Republicans, Republicans, Biden family’s, GOP, Justice Department, U.S . Capitol, Republican, Trump, Democratic, Senate, Ukraine, Biden Locations: U.S, Idaho, Pocatello, Congress, Tennessee, Westlake , Ohio, Ukrainian, Carson , California, Michigan, Greenwood , Missouri

Oct 13 (Reuters) - A union coalition for Kaiser Permanente healthcare workers reached a tentative labor deal with the hospital system on Friday that included across-the-board wage increases after 75,000 members took part in a three-day strike last week. The strike was the largest recorded among medical workers and included nurses, medical technicians and support staff at hundreds of Kaiser hospitals and clinics from California to Virginia. "I’m heartened to see healthcare workers and their employers take this critical step towards securing the pay, benefits, and working conditions these heroes deserve," President Joe Biden said in a statement. The Kaiser union coalition had threatened to strike again for a week starting Nov. 1. The union had said Kaiser would need to hire 10,000 new healthcare workers to fill current vacancies.

Persons: Julie Su, Biden, Joe Biden, Kaiser, Su, Manas Mishra, Leroy Leo, Steve Gorman, Arun Koyyur, Shinjini, Maju Samuel, Jonathan Oatis Organizations: Kaiser Permanente, Labor, Tenet Healthcare, District of Columbia, Writers Guild of America, United Auto Workers, Detroit, Thomson Locations: California, Virginia, San Francisco Bay, Bengaluru, Los Angeles

Until this week, Fain had announced all of the union's new strikes on Fridays, during what has become a weekly livestreamed update for union members. "We continue to believe the escalation at [Ford] this week is a sign the talks may be coming to an end. KY Truck is likely Ford's most profitable plant, and therefore the strike is the highest level of escalation, aside from a national strike," Wells Fargo analyst Colin Langan wrote in a Friday note. But the UAW's leaders may be looking one more step ahead, to the process of selling a tentative deal with Ford to their members. ), and that UAW members have secured the last few ounces of wage, benefits, and job protection concessions that they can get," Lache wrote Thursday to investors.

Persons: counterintuitively —, It's, Shawn Fain, Fain, Wells, Colin Langan, autoworkers, Wolfe, Rod Lache, Ford, Lache Organizations: DETROIT, United Auto Workers, Ford Motor's, Plant, Ford, General Motors, Chrysler, Street, UAW Locations: Kentucky

Support for the autoworkers fell short of the 55% support for striking Hollywood writers and actors in an AP-NORC poll conducted last month. In the new AP-NORC survey, 51% say labor unions help U.S. workers while only 15% say they hurt working people. About one-third say unions help the U.S. economy, while 22% say they damage the economy. That’s better for the consumers.”The United Auto Workers went on strike Sept. 15 against Ford, General Motors and Stellantis, which owns the Jeep, Dodge and Ram brands. That's a fear held by some auto workers who maintain that EVs require fewer people to build.

Persons: Rachel Collins, ”, “, Chris Ross, Tesla, ” Ross, Joe Biden, Donald Trump, Barbara Tubbs, Jim Grove, wasn't, Biden's, ” Grove Organizations: Associated Press, NORC, for Public Affairs Research, Teamsters, United Parcel Service, AP, UAW, United Auto Workers, Ford, General Motors, Jeep, Dodge, Republican, GOP Locations: Hollywood, U.S, Chicago, Oviedo , Florida, Detroit, Dallas, Sharon , Pennsylvania, ”

☆ A recession may still be in the forecast, experts say. Here's how to make sure you're prepared
▼ + stars: | 2023-10-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Jamie Kelter Davis | Bloomberg | Getty ImagesA recession has been in the forecast for much of 2023. "A recession is obviously going to happen at some point," said Jack Manley, global market strategist at JPMorgan Asset Management. Those factors may prompt the Federal Reserve to keep interest rates higher for longer, Aleman said. Experts say the key is to automate your savings so you do not even see the money in your paycheck. Another advantage to saving now: Rising interest rates mean the potential returns on that money are the highest they have been in 15 years.

Persons: Jamie Kelter Davis, Jack Manley, —, Eugenio Aleman, Raymond James, Aleman, Manley, Barry Glassman, CNBC.com, Glassman, Mark Hamrick, Matt Schulz, Schulz Organizations: Bloomberg, Getty, Asset Management, National Association for Business Economics, Finance, Federal Reserve, Wealth Services, CNBC's, Bankrate Locations: Chicago

☆ IMF says global economy 'limping along,' cuts growth forecast for China, euro area
▼ + stars: | 2023-10-10 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

サマリー Global growth forecast unchanged at 3.0% in 2023Inflation dropping but 'not quite there yet'-IMF chief economistIMF raises U.S. forecast, cuts outlook for China, euro areaMARRAKECH, Morocco, Oct 10 (Reuters) - The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro area and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy. The IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% in its latest World Economic Outlook (WEO), but cut its 2024 forecast by 0.1 percentage point to 2.9% from its July forecast. "The global economy is showing resilience. "We see a global economy that is limping along and it's not quite sprinting yet." It left Japan's 2024 growth outlook unchanged at 1.0%.

Persons: Pierre, Olivier Gourinchas, Gourinchas, It's, it's, Andrea Shalal, Andrea Ricci Organizations: IMF, Monetary Fund, Economic, International Monetary Fund, World Bank, Reuters, Labor, U.S, autoworkers Locations: China, MARRAKECH, Morocco, U.S, Ukraine, Israel, Marrakech, United States, Japan

☆ Canadian Auto Workers Reach Tentative Deal With GM
▼ + stars: | 2023-10-10 | by ( Vipal Monga | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Organizations: 8cf13911

☆ Canadian autoworkers go on strike at GM plants
▼ + stars: | 2023-10-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

But the plants that are on strike could affect GM’s US operations, because its engines and transmissions are used in vehicles built here. GM already is dealing with a strike by the United Auto Workers union at two of its US assembly plants and a strike of 18 parts distribution centers across 20 states. The UAW is also on strike against plants at GM rivals Ford and Stellantis, which builds cars under the Jeep, Ram, Dodge and Chrysler names. GM had already disclosed that it lost $200 million in the first two weeks of the UAW strike, which began on September 15. The UAW remained on strike at the GM plants where its members had already walked out.

Persons: “, ” Unifor, Shawn Fain Organizations: New, New York CNN, General Motors, Ford, Silverado, GM’s, United Auto Workers, UAW, GM, Jeep, Dodge, Chrysler, EV Locations: New York, Canada, Oshawa , Ontario, St . Catharines , Ontario, GM’s CAMI, Ingersoll , Ontario, Flint , Michigan, Fort Wayne , Indiana

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