What Wall Street needs to know about UAW negotiations — and what they could cost
Publishing timestamp: 2023-08-18 11:19:12
Summary
The United Auto Workers (UAW) labor talks with Detroit automakers could result in billions of dollars in additional labor costs and work stoppages. The talks, which cover nearly 150,000 U.S. auto workers, have the potential for worker strikes. Warren Buffett's Berkshire Hathaway has reduced its stake in General Motors, possibly due to the challenging negotiations. The UAW has made contract proposals that would add over $80 billion in labor costs for each of the automakers. The demands include wage increases, pension restoration, and reduced work hours. A work stoppage by UAW workers could result in significant economic losses.
Sentiment: NEGATIVE
Tickers: STLAM-IT, F, STLA, GM, BRK.A,
Keywords: autos, business, personnel, detroit, business news, labor economy, breaking news: business, ford motor co, warren buffett, transportation, stellantis nv, berkshire hathaway inc, general motors co, united states,
Source: https://www.cnbc.com/2023/08/18/what-uaw-negotiations-could-cost-gm-ford-and-stellantis.html