Category: Economy

Job Gains Fall Short of Expectations as Unemployment Ticks Up

Florida Capital Star Staff

The U.S. added 150,000 nonfarm payroll jobs in October as the unemployment rate ticked up to 3.9%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists had anticipated that the country would add 180,000 jobs in October compared to the 336,000 jobs that were added in September and that the unemployment rate would remain at 3.8%, according to Reuters. On Wednesday, at the conclusion of its Federal Open Market Committee meeting, the Federal Reserve announced that it would be keeping its federal funds rate steady in the range of 5.25% and 5.50%, a 22-year high, after a series of 11 rate hikes that started in March 2022 in an effort to tame inflation.

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The Biden Admin Has Overcounted New Jobs Almost Every Single Month This Year

Florida Capital Star Staff

The Biden administration has revised down previously reported jobs data for nearly every month this year, resulting in a huge disparity from the originally advertised numbers, according to the Bureau of Labor Statistics (BLS).

The number of jobs added in August was revised down from 227,000 to 165,000, and September was revised down from 336,000 to 297,000, resulting in 101,000 fewer jobs than were previously reported, according to the BLS. The U.S. economy added 150,000 jobs in October, subject to revisions in future reports, lower than the 170,000 jobs that economists expected.

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‘Very Precarious’: Automakers May Have Missed the Mark with Union Deal, Experts Say

Florida Capital Star Staff

The United Auto Workers (UAW) concluded contract negotiations with the Big Three automakers over the last week, creating a deal that raises labor costs when the automakers are already struggling against competitors, according to experts who spoke to the Daily Caller News Foundation.

The Big Three automakers — Ford, General Motors and Stellantis — reached three separate tentative deals starting on Wednesday that ended a six-week-long partial strike at the companies from the UAW after workers’ contracts expired on Sept. 14. Due to the increased labor costs from higher wages and benefits, the Big Three are put at a disadvantage compared to non-unionized workforces both domestically and abroad at a time when the companies try to shift to the production of electric vehicles (EV), according to experts who spoke to the DCNF.

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Commentary: Jobs Report Shows Cracks in Labor Market That Could Bring Down the Entire Economy

Florida Capital Star Staff

Cracks in the labor market and the broader economy continue to emerge. The October jobs report released Friday morning reveals that only 150,000 jobs were created last month, below expectations and well below the recent average. August and September job creation was revised down by more than 100,000, taking the sheen off the September jobs report.

The unemployment rate rose to 3.9%. While this figure is still low, there are now nearly one million more unemployed Americans than in April of this year.

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Private Employers Hire 113,000 New Workers in October; Pay Growth Slows

The Center Square

U.S. private employers grew their payrolls by 113,000 workers in October versus September’s 89,000 new hires, a month-over increase of 21%, according to the October ADP National Employment Report, a collaboration with the Stanford Digital Economy Lab. 

“No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” said Nela Richardson, ADP’s chief economist, said in a statement. “In all, October’s numbers paint a well-rounded jobs picture. And while the labor market has slowed, it’s still enough to support strong consumer spending.”

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Childcare Costs Rising Even Faster than Sky-High Inflation, Report Reveals

Florida Capital Star Staff

The cost Americans are paying to provide childcare for their kids has risen dramatically since 2019, outpacing inflation overall, which has also risen substantially, according to the Bank of America (BofA) Institute.

The average childcare payment has risen by 32% since 2019 to $700 a month as of September, affecting middle- and upper-income households the most, according to data compiled by the BofA Institute. In that same time period, general inflation, as measured by the Consumer Price Index, rose 20% following a highly inflationary period since President Joe Biden took office in 2021, according to Axios.

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U.S. Government Blocks $5 Billion in Crucial AI Chips Ordered by Top Chinese Tech Giants: Report

Florida Capital Star Staff

President Joe Biden’s Commerce Department has blocked American chipmaker Nvidia from sending billions of dollars worth of key artificial intelligence (AI) chips ordered by top Chinese tech giants, the Wall Street Journal reported on Tuesday.

Nvidia was set to deliver over $5 billion in chips from Chinese orders, but the Biden administration is blocking them due to new chip restrictions, according to the WSJ. Nvidia was working on sending the chips before the restrictions took effect but the company received a letter notifying it that the sanctions would take effect immediately instead of one month after their announcement on Oct. 17, as originally scheduled, individuals with knowledge of the situation told the WSJ.

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Florida Warns Morningstar-Sustainalytics, Alleges Anti-Israel Policies

The Center Square

The state of Florida has placed another company, Morningstar-Sustainalytics, on its list of “Scrutinized Companies that Boycott Israel.” The company, which rejects the accusation, has 90 days to respond or be subjected to Florida’s divestment and contract prohibitions.

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Chinese Parent of US Battery Maker Has Business Ties with Blacklisted CCP Paramilitary Group

Florida Capital Star Staff

Gotion High-Tech, the Chinese parent company of Gotion Inc., which intends to build electric battery plants in Michigan and Illinois, operates a joint venture in the People’s Republic of China (PRC) that contracts with a U.S.-sanctioned entity, according to a Daily Caller News Foundation review of Chinese-language news reports and business filings.

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Study: Cost of ‘Fueling’ an Electric Vehicle Is Equivalent to $17.33 per Gallon

The Center Square

The complete costs of “fueling” an electric vehicle for 10 years are $17.33 per equivalent gallon of gasoline, a new analysis from the Texas Public Policy Foundation says.

The study authors say the $1.21 cost-per-gallon equivalent of charging a car cited by EV advocates excludes the real costs born by taxpayers for subsidies, utility ratepayers for energy investments, and non-electric vehicle owners for mandate-and-environmental-credit-driven higher vehicle costs, which they say total $48,698 per EV. Those costs must be included when comparing fueling costs of EVs and traditional gas-powered vehicles, TPPF maintains.

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UAW Expands Strike Against GM Hours After Reaching Deal with Rival Stellantis and Ford

Florida Capital Star Staff

The United Auto Workers (UAW) union on Saturday expanded its strike against General Motors (GM) after it reached an agreement with its competitors on Wednesday and Saturday, the union confirmed in an X post.

The UAW and Stellantis (formerly Chrysler) reached a deal similar to the four-year agreement reached on Wednesday between Ford and the UAW, which provides a 25 percent pay increase and cost of living adjustments, as well as the ability to strike over plant closures. It was expected that GM would also make a deal with the union after Stellantis on Saturday, but instead employees at a Tennessee GM factory received orders to expand the company’s strike, the local union posted on X.

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Mortgage Rates Soar to Highest Point in 23 Years as Americans Struggle to Buy Homes

Florida Capital Star Staff

Mortgage rates have continued to rise for the seventh straight week, reaching their highest point in over 23 years, according to the Mortgage Bankers Association (MBA).

The average 30-year mortgage rate for Americans reached 7.9% on Wednesday, up from 7.7% just one week ago, the highest point since September 2000, according to a press release from the MBA. Mortgage applications sank even further following the high rates, with application volume declining 1% from the previous week when seasonally adjusted, the lowest weekly pace since 1995.

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Another Offshore Wind Company Expects Huge Losses

Florida Capital Star Staff

Another offshore wind company has announced that it is expecting to take considerable losses as the industry continues to struggle, Bloomberg News reported Tuesday.

General Electric anticipates that it will lose $1 billion on its offshore wind operations this year, and that it expects to lose a similar amount next year, GE’s CEO said Tuesday, according to Bloomberg. The announcement is the latest sign of trouble for the offshore wind industry, which has seen other leading companies take substantial losses as supply chain woes, inflation, logistical problems and higher borrowing costs have eaten into profit margins.

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More Americans Are Going Hungry as Biden Boasts About the Economy

Florida Capital Star Staff

The number of Americans who were food insecure increased from 2021 to 2022, despite President Joe Biden boasting about the success of the economy following the recent release of new economic data.

In 2022, 12.8% of American households, or 17 million households, had difficulty at some point during the year providing enough food for all members of their family, compared to 10.2% in 2021, according to a report from the U.S. Department of Agriculture (USDA). The data, which was released in October 2023, comes as Biden testifies to the strength of the American economy following substantial Gross Domestic Product (GDP) growth of 4.9% in the third quarter of 2023.

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Economy Shows Huge Growth in Third Quarter as Fed Struggles to Rein in Inflation

Florida Capital Star Staff

The U.S. economy grew at a rate of 4.9% in the third quarter of 2023, according to Gross Domestic Product (GDP) statistics released by the Bureau of Economic Analysis (BEA) on Thursday morning.

In the second quarter of 2023, real GDP rose 2.1% after being revised down from an initial estimate of 2.4%. Economists expected that GDP would be around 4.7% for the third quarter of 2023, far higher than the 2% to 3% that is common for the U.S.

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Report: Ford, United Auto Workers Reach Tentative Deal to End Strike

Just the News

The United Auto Workers union and Ford Motor Company have reached a tentative deal to end the ongoing strike, pending approval from union leaders. The ongoing strike has thus far lasted nearly six weeks. Exact terms of the agreement remain unclear, though the final deal could be announced as early as Wednesday evening, CNBC reported, citing sources familiar with the talks.

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Florida Unemployment Rate Is Lowest Among Nation’s Most Populated States

The Center Square

According to the latest figures from the U.S. Bureau of Labor Statistics, Florida has a seasonally-adjusted unemployment rate of 2.8% and ranks 14th overall, sharing a spot with Kansas and Hawaii.

Of the five largest states by population — California, Texas, Florida, New York and Pennsylvania — Florida has the lowest unemployment rate. At the same time, New York, Texas and California all sit above the national average of 3.8%.

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Commentary: Bidenomics Takes Its Toll on Biden 2024

Florida Capital Star Staff

Drops in inflation-adjusted compensation and wages preceded the losses of Harry Truman in 1952, who opted not to run, Gerald Ford in 1976, Jimmy Carter in 1980, George H.W. Bush in 1992 and Donald Trump in 2020, according to Bureau of Labor Statistics and Bureau of Economic Analysis data.

They also preceded the historic wipeouts of Republicans in 2008 by Barack Obama and Senate Democrats in the 1958 midterms, and the Republican House wins of the 2010 and 2022 midterms.

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Soaring Interest Rates Are Squeezing Out Small Businesses

Florida Capital Star Staff

Small businesses are feeling the effects of the Federal Reserve’s interest rate hikes as tightening credit puts more businesses and workers in dangerous positions, according to The New York Times.

Interest payments for small businesses will rise to about 7 percent of revenues next year on average, as opposed to being just 5.8 percent of revenues in 2021, according to the NYT. The Fed has raised its federal funds rate to a range of 5.25 percent and 5.50 percent following a series of 11 hikes that started in March 2022, bringing the rate to its highest point in 22 years.

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Americans Are Burning Through Savings to Keep Biden’s Economy Afloat, Experts Say

Florida Capital Star Staff

Under President Joe Biden, economic growth has been partly sustained by Americans spending through their savings on everyday goods, according to experts who spoke to the Daily Caller News Foundation.

Gross Domestic Product (GDP), a measure of economic growth, has remained persistently high, coming in at 2.1 percent for the second quarter of 2023, even as the Federal Reserve has attempted to tame growth through hikes of its federal funds rate. The main contributor to U.S. GDP is consumer spending, which has managed to notch consistent increases at the expense of the savings of average Americans, experts told the DCNF.

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Fed: American Households Increased Net Worth During Pandemic

Florida Capital Star Staff

A new report from the Federal Reserve claims that the average American household actually saw an increase in its net worth during the Chinese Coronavirus pandemic.

As reported by Axios, the Fed’s Survey of Consumer Finances, which is released every three years, came out on Wednesday. It was lasted conducted in 2019, thus meaning the next iteration would be held after the pandemic, covering the three-year time period from start to finish.

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Commentary: Notorious Southern Poverty Law Center Tries to Blacklist Turning Point USA, Project Veritas from Donor-Advised Funds

Florida Capital Star Staff

by Tyler O’Neil   The Southern Poverty Law Center routinely attempts to shame charities into blacklisting conservative nonprofits to defund the SPLC’s ideological opponents, whom it brands as hateful. This week, the SPLC released a report condemning six donor-advised funds for directing money to “extremist finance.” The report aims to shame the charity…

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Commentary: The People in Charge of Our Money Supply Have No Idea What They’re Doing

Florida Capital Star Staff

If you still think the people running America’s central bank understand inflation and interest rates, think again.

A prime example is Chicago Federal Reserve Bank President Austan Goolsbee, who was wrong about inflation and is now wrong about interest rates and a soft landing for the economy. He is an ideologue clearly undeterred by facts—a scary reality for someone who helps control the money supply.

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Sky-High Inflation Is Ratcheting Up Healthcare Costs for Working Americans

Florida Capital Star Staff

The costs of health care for average Americans have been hit particularly hard by the sustained high inflation the U.S. economy has seen over the past few years, according to KFF, a nonpartisan organization focused on health policy.

Just this year, premiums on family health insurance coverage for workplace plans increased by 7%, even as Americans’ wages only grew by 5.2% and total inflation rose by 5.8%, while over the last five years, premiums have risen 22% with wages increasing 27% and inflation 21%, according to a KFF news release. Inflation has continued to remain well above the Federal Reserve’s 2% target, rising 3.7% year-over-year in September after increasing the same in August.

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Runaway Inflation ‘Unlikely’ to be Reeled in Under Biden Administration, Experts Say

Florida Capital Star Staff

by Will Kessler   As long as President Joe Biden continues his high government spending policies, inflation is not likely to return to previously normal levels without seeing economic repercussions, according to experts who spoke to the Daily Caller News Foundation. The last time the Consumer Price Index (CPI), a…

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Home Sales Decline to 2008 Levels as Record Mortgage Rates Take Their Toll

Florida Capital Star Staff

The U.S. real estate market is on track to sell the least number of homes since 2008, when Americans were engulfed in the subprime mortgage crisis and the Great Recession, according to The Wall Street Journal.

The number of total existing-home sales is projected to reach only 4.1 million by the end of 2023, the lowest since around 2008, when the world was embroiled in a global financial crisis, despite a higher U.S. population, according to the WSJ. Mortgage rates are currently at their highest point since the year 2000, with the 30-year fixed-rate mortgage averaging 7.57 percent, bringing purchasing demands for housing to a three-decade low, according to Freddie Mac.

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White House Bets $7 Billion on Hydrogen Hubs

The Center Square

The Biden administration cut a $7 billion check on Friday to launch its vision for a hydrogen-fueled future.

The money augments $40 billion in private investment to build seven hydrogen hubs across the nation that will decarbonize transportation and industrial manufacturing, slashing 25 million metric tons of carbon dioxide emissions each year.

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Commentary: Another Benefit Afforded Illegal Immigrants is All-Important Credit Protection

Florida Capital Star Staff

The Biden Justice Department along with their cohorts at the Consumer Financial Protection Bureau (CFPB) have broken the logic barrier once again as they issued a statement saying illegal immigrants cannot be discriminated against in getting credit.

What?

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America’s Largest Oil Company Pays Nearly $60 Billion for Pioneer Natural Resources

Florida Capital Star Staff

ExxonMobil announced Wednesday that it has acquired Pioneer Natural Resources in a major deal in the oil and gas industry.

America’s largest oil company is merging with Pioneer, which controls a strong portfolio of assets in the oil- and gas-rich Permian Basin of Texas and New Mexico, in an all-stock transaction valued at about $59.5 billion, Exxon announced. The deal could draw antitrust scrutiny from the Biden administration, which has already demonstrated its distaste for long-term fossil fuel development, according to Axios.

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America’s Biggest Bank Posts Another Massive Profit After Government-Assisted Acquisition

Florida Capital Star Staff

The U.S.’ largest bank had another huge quarter as profits soared after reaching a deal with federal regulators to buy the failed First Republic Bank in May.

JPMorgan Chase reported that, for its third quarter of 2023, net income was up by $13.2 billion, or 35%, but excluding assets acquired from First Republic, it was only up 24%, according to the banking giant’s third quarter earnings report. First Republic was one of a few banks that failed earlier this year after a bank run that shook depositors, which resulted in JPMorgan acquiring the bank after federal regulators seized its assets and auctioned them in order to maintain funds for depositors.

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Auto Workers Union Just Shut Down Ford’s Biggest and Most Profitable Plant

Florida Capital Star Staff

The United Auto Workers (UAW) unexpectedly walked off the job Wednesday evening at the largest Ford plant in an escalation of its strike against major automakers.

Around 8,700 UAW members walked off the job at 6:30 p.m. ET at Ford’s Kentucky Truck Plant in Louisville yesterday in a previously unannounced move, completely shutting down the plant, according to an announcement from the UAW. The new strike location comes as UAW workers are already striking at 43 other plants at the Big Three automakers — Ford, General Motors and Stellantis — across the U.S. in a strike that started after contract negotiations failed to reach a deal before their Sept. 14 deadline.

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Inflation Continues to Rise, Federal Data Shows

The Center Square

Consumer prices rose significantly in September, newly released federal inflation data shows, further undoing a trend of slowing inflation that had begun earlier this year.

The U.S. Bureau of Labor Statistics on Thursday released its Consumer Price Index, a key marker of inflation that tracks the cost of a range of consumer goods and services. That index rose 0.4% in September alone, a notable increase that is higher than months earlier this year.

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Commentary: Offshore Wind Is an Economic and Environmental Catastrophe

Florida Capital Star Staff

When it comes to “renewables” wreaking havoc on the environment, wind turbines have stiff competition. For example, over 500,000 square miles of biofuel plantations have already replaced farms and forests to replace a mere 4 percent of transportation fuel. To source raw materials to build “sustainable” batteries, mining operations are scaling up, with no end in sight, in nations with appalling labor conditions and nonexistent environmental regulations. But the worst offender is the wind industry.

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Commentary: Rumors of ESG’s Demise Are Greatly Exaggerated

Florida Capital Star Staff

Consumer and Republican backlash against Environmental, Social and Governance (ESG) investments has increased dramatically in the past year as states, Congress and presidential candidates have taken on the issue, promising to rein in the largely green-conscious movement of capital amid spiraling energy and food costs since 2021.

Boycotts of brands such as Bud Light, Disney and Target, coupled with statements by Blackrock CEO Larry Fink that he no longer wanted to call these so-called sustainable investments ESG— at Aspen Ideas Festival on June 25 Fink said “I’m not going to use the word ESG because it’s been misused by the far left and the far right… we talk a lot about decarbonization, we talk a lot about governance … or social issues, if that’s something we need to address…”—and reported outflows from ESG funds in 2023 have painted a gloomy picture for green and socially conscious investing.

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China’s Real Estate Crisis Worsens as Companies Risk Default

Florida Capital Star Staff

Two of China’s top real estate developers both show signs that they may not be able to pay off their international debts as the country’s property sector continues to suffer, according to The Wall Street Journal.

Country Garden, which just one year ago appeared to be withstanding China’s tumultuous real estate crisis, failed to make a payment to international bondholders Monday after it reported disappointing September sales, according to the WSJ. China Evergrande, another major Chinese developer, abandoned a debt restructuring deal after regulators barred it from issuing new securities that it needed to fulfill its obligations due to its subsidiary being under investigation, which could now lead to the collapse of the company.

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Commentary: Unemployment Remains Unchanged at 3.8 Percent as Record 11.1 Million Seniors Still Working

Florida Capital Star Staff

Labor markets appeared buoyed by still-working Baby Boomers in September as the unemployment rate remained unchanged at 3.8 percent, with 296,000 seniors finding jobs in the Bureau of Labor Statistics’ household survey.

With more than 11.1 million seniors still working — a national record — peak employment still abounds, even as a massive 47.21 million seniors are no longer in the labor force — also a record — amid the Baby Boomer retirement wave that has seen those 65-years-old-and-older not in the labor force have increased about 19 million the past 25 years.

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New York, California, and Illinois See Incomes Decline for First Time Since 2009

The Center Square

America’s three largest Democratic states, along with Rhode Island, Mississippi, Louisiana and the District of Columbia experienced income declines in the last year while the nation as a whole saw incomes rise by 2%. New York incomes suffered the worst, declining 1.6%, while California incomes declined the least, at just 0.2%. 

These figures come from the Bureau of Economic Analysis’s revised numbers for 2022, which also reduced national growth from 2.1% to 1.9%, a cut in reported growth of roughly 10%.

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UAW Workers Reject Proposal; Nearly 4,000 Go on Strike Against Mack Trucks

The Center Square

The United Auto Workers Union rejected a proposed contract by a 73% “no” vote and swore to strike Volvo-Group-owned Mack Trucks in three states beginning Monday morning. The UAW voted against ratification of a new five-year collective bargaining agreement covering about 3,900 employees in Pennsylvania, Maryland, and Florida.

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Inflation Continues to Hit America, Data Shows

The Center Square

Newly released inflation data breaks down how much prices have increased in each state.

The U.S. Bureau of Economic Analysis released new data Wednesday for how the Personal Consumption Expenditure, a key marker of inflation, rose in each state last year. According to the BEA, PCE is a measure of the prices Americans pay for goods and services.

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UAW Strike Costs Billions in Losses with No End in Sight

Florida Capital Star Staff

The United Auto Workers (UAW) strike has caused billions in economic damage and could further harm supply chains and local economies as the union and automakers fail to reach a deal.

The UAW has been undergoing a partial strike against the Big Three automakers — Ford, General Motors and Stellantis — which most recently expanded to a total of 43 locations after negotiations failed to reach a contract by the Sept. 14 deadline, already causing $3.95 billion in economic losses as of Tuesday, according to the Anderson Economic Group. The strike could be devastating to the Big Three’s market position, and stoppages could have greater effects downstream as supply chains are unable to move and local economies suffer, according to experts who spoke with the Daily Caller News Foundation.

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Commentary: Americans Demand Citizens First Immigration Policy

Florida Capital Star Staff

Americans are rethinking an immigration policy carried over from last century that has worn out its welcome and contributed to a disturbing loss of opportunities for the middle class over the past six decades.  

While the illegal immigrant crisis is an obvious and glaring issue that needs to be solved as soon as the next Administration is in place, conservatives are reevaluating immigration policy as a whole and beginning to see cracks in the cheap labor movement that resulted from the 1965 Immigration Act.

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Debt-Laden Companies Are Headed Toward Doom as Interest Rates Take Their Toll

Florida Capital Star Staff

Companies around the world could be in trouble in the first half of 2024 as the rising cost of debt due to heightened interest rates threatens a half-trillion dollar refinancing scramble, according to Reuters.

Businesses, particularly across Europe, the Middle East and Africa, that previously borrowed when rates were low and businesses that need to take out new loans to meet capital requirements need around $500 billion in the next half-year for refinancing to avoid cutting operations, according to Reuters, citing analysis from restructuring consultancy Alverez & Marsal. The value of company loans in the next six-month period is projected to be higher than any other similar period until the end of 2025, threatening businesses that will need to borrow during that time and risking corporate failures.

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America Adds over 300,000 Jobs in September as Interest Rates Remain Elevated

Florida Capital Star Staff

The U.S. added 336,000 nonfarm payroll jobs in September as the unemployment rate remained at 3.8%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists had anticipated that the country would add 170,000 jobs in September compared to 187,000 in August and that the unemployment rate would slide down to 3.7% from 3.8%, according to Reuters. Private employment data for September showed that only 89,000 jobs were added for the month, as the professional and business services, trade, transportations and utilities and manufacturing services sectors all had substantial losses, according to ADP.

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Starbucks Shutters Seven Stores in Crime-Ridden Parts of San Francisco

Florida Capital Star Staff

Starbucks plans to close seven stores located in downtown San Francisco in October, a spokesperson for the company confirmed.

The corporation looked into “several factors” when it decided to close the seven locations, and added that it would continue to invest in San Francisco through its 40 other company-owned locations in the city, a Starbucks spokesperson told the Daily Caller News Foundation. Although the company declined to comment on whether crime was a factor that led to its decision, all seven of the closing locations — Mission & Main, Geary & Taylor, 425 Battery, 398 Market St, 4th & Market, 555 California and Bush & Van Ness — are situated in or near the city’s troubledTenderloin district, a Starbucks store map showed.

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Federal Debt Increased by $2.2 Trillion in Fiscal Year 2023

Florida Capital Star Staff

The federal government’s debt increased by $2,238,422,431,416.43 in fiscal 2023, according to data published by the U.S. Treasury Department.

On Sept. 30, 2022, the last day of fiscal 2022, the federal debt was $30,928,911,613,306.73, according to Treasury Department data. By Sept. 29, 2023, the last business day of fiscal 2023, it had climbed to $33,167,334,044,723.16.

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Automakers Lay Off More Workers as Strike Takes Its Toll

Florida Capital Star Staff

Major automakers have laid off even more employees as union workers continue to strike at several manufacturing plants amid contract negotiations, according to The Wall Street Journal.

Ford and General Motors laid off an additional 500 workers this week, bringing the total number of workers that have lost their jobs at the companies to a combined 6,000 following a strike from the United Auto Workers (UAW), according to the WSJ. UAW is currently striking against Ford, GM and Stellantis at 43 manufacturing plants using a targeted strike strategy, with many workers remaining on the job as contract negotiations continue.

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