To hear the United Auto Workers’ fiery new president, Shawn Fain, tell it, Detroit’s largest automakers enjoyed years of lavish profits thanks to concessions made by its workers through the lean years before and after the 2009 recession. So as the UAW’s contract with the Big Three automakers expired in mid-September, the UAW authorized strikes … Read more
The US Could Become the Odd Market Out in the EV Success Story Bloomberg Source link
This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Today, White House correspondent Justin Sink looks at President Joe Biden’s meeting with chief executives about the economy. Sign up here and follow us at @bpolitics. Email our editors here. The White House asked executives meeting the president today to … Read more
October 6, 2023 at 4:35 PM EDT US President Joe Biden touted powerful new jobs data as evidence that “Bidenomics” has driven America clear of the pandemic while maintaining employment at near record levels. Jobs unexpectedly surged in September—almost double what was expected—yielding yet more evidence of America’s remarkably durable labor market. Nonfarm payrolls increased … Read more
Good morning. Taiwanese tech companies aid Huawei’s efforts to build an under-the-radar chip network, the UK Prime Minister under pressure and Jamie Dimon on AI. Here’s what people are talking about. Several Taiwanese technology companies are helping Huawei Technologies build infrastructure for an under-the-radar network of chip plants across southern China, an unusual collaboration that … Read more
When everyone expects a soft landing, brace for impact. That’s the lesson of recent economic history — and it’s an uncomfortable one for the US right now. A summer in which inflation trended lower, jobs remained plentiful and consumers kept spending has bolstered confidence — not least at the Federal Reserve — that the world’s … Read more
Among the sticking points highlighted by United Auto Workers on strike are the billions of dollars Detroit’s legacy carmakers have plunged into stock repurchases. Now, as the strike extends into its second week, some investors say they’re willing to forgo those coveted share buybacks as the companies face soaring labor costs over the next several … Read more
Stock Market Is Stuck in a Late-Cycle ‘Muddle,’ Morgan Stanley’s … Bloomberg Source link
Stock Market’s Goldilocks Run Can Continue Into 2024, HSBC’s Max … Bloomberg Source link
UAW Strike Begins as GM, Ford, Stellantis Contract Negotiations Fail Bloomberg Source link