Daily Management Review

GM strike affects about 150 thousand automotive workers


10/09/2019


Anderson Economic Group consulting company calculated that direct losses in wages by the third week of the strike reached $ 412 million.



12th air force
12th air force
The strike of members of the United Auto Workers union, in which 48 thousand employees of General Motors took part, in fact affected a much larger number of workers in the automotive industry, Anderson Economic Group reports.

According to the consulting company, due to a partial stoppage of production resulting from the strike, about 75 thousand employees of auto parts supply companies were temporarily laid off or faced reduction in wages.

As a result of company shutdowns, about 25 thousand employees of GM were affected, AEG states. Direct wage losses for all employees of the concern during the third week of the confrontation between the industrial giant and the union amounted to $ 412 million. The carmaker earned $ 600 million during this time.

The stop also resulted in a loss of $ 155 million in federal income and payroll taxes. Michigan is missing $ 9.1 million in income tax.

GM shares fell 2.5% on Tuesday amid falling wider indices. Since the start of the strike, the company's share price has fallen by 9%, reducing its market value by more than $ 4 billion.

Meanwhile, there are no prospects for a speedy resolution of the conflict. The Sunday talks between the parties were clearly at an impasse. The union noted that the situation has only worsened.

source: cbsnews.com







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