US Auto Workers’ Massive Strike has caused nearly $8 billion in losses; the economy has suffered a heavy blow.
US Economy Suffers Multi-Billion Dollar Blow as Auto Workers Stage Massive Strike
[PhoneAuto News] Recently, PhoneAuto noticed that the strike by the three major automakers in Detroit, USA has entered its fifth week. The latest data shows that this strike has caused nearly $8 billion in losses to the US economy. According to data released by the Michigan economic consulting firm Anderson Economic Group (AEG), as of the end of the fourth week, the economic losses caused by the strikes against Ford, General Motors, and Stellantis have reached $7.7 billion, an increase of $2.2 billion compared to the data from the previous week.
This strike has resulted in a loss of $359 million in wages for workers, while the automakers have collectively lost $3.45 billion. Dealers and customers have lost $1.21 billion, and suppliers have lost at least $2.67 billion. In addition, the strike has spread to more and more factories, and more non-striking automotive workers are facing “temporary layoffs” due to factory shutdowns.
Bill Ford, the Executive Chairman of Ford Motor Company, appealed to automotive workers to end the month-long strike, stating that the company’s future is at stake. He stated that the high labor costs brought about by the strike may limit the company’s competitiveness and could result in layoffs and reduced investment in factories.
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It is worth mentioning that on October 14th local time, the United Auto Workers (UAW) also announced an escalation of the strike action against Ford Motor Company. This action was prompted by UAW’s expectation for Ford to provide a revised offer, but the offer received was the same as two weeks before. The UAW’s escalation action took place on Wednesday, when 8,700 workers at Ford’s Kentucky truck factory went on strike.
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