Obama-Era Advisor Jason Furman Says Ongoing UAW Strike Unlikely To Turn GDP Growth Negative For Q3, But...
Portfolio Pulse from Benzinga Neuro
Former Obama advisor Jason Furman warns that the ongoing strike by the United Auto Workers (UAW) could significantly impact GDP growth rates. The auto industry contributes approximately $200 billion per quarter, with the Big 3 automakers (General Motors, Ford, and Stellantis) accounting for about half. The strike, initiated against all three automakers simultaneously, comes after failed negotiations on pay hikes and other amenities. The strike could potentially wipe out significant profits and threatens the annual profit-sharing checks of Detroit’s Big Three.
September 19, 2023 | 2:10 am
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NEGATIVE IMPACT
The ongoing UAW strike could potentially impact Ford's profits and annual profit-sharing checks.
The ongoing strike by UAW, which includes Ford workers, could lead to a significant reduction in production, impacting the company's profits and the annual profit-sharing checks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The ongoing UAW strike could potentially impact General Motors' profits and annual profit-sharing checks.
The ongoing strike by UAW, which includes GM workers, could lead to a significant reduction in production, impacting the company's profits and the annual profit-sharing checks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The ongoing UAW strike could potentially impact Stellantis' profits and annual profit-sharing checks.
The ongoing strike by UAW, which includes Stellantis workers, could lead to a significant reduction in production, impacting the company's profits and the annual profit-sharing checks.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100