Quick Glance: US Job Growth: 199K Added, Unemployment Falls
- Last month, US employers added a solid 199,000 jobs and the unemployment rate dropped.
- The unemployment rate fell from 3.9% to 3.7%, not far from a five-decade low in April.
- The unemployment rate has been below 4% for 22 months, the longest streak since the late 1960s.
- The economy and labor market are showing signs of slowing back to pre-pandemic levels as inflation decreases.
Quick Glance: UAW Launches Campaign to Organize Auto Manufacturers
- UAW announces campaign to organize Toyota, Tesla, Honda, and other non-unionized automakers in the US.
- Union unveils website for electronic signing of union authorization cards for 13 companies.
- Union aims to expand membership after negotiating record contracts with Detroit's Big Three and plans to organize thousands of workers.
- Growing movement of workplace activism drives the campaign as workers across industries strike for better pay and benefits.
Quick Glance: GM Announces $10 Billion Stock Buyback and Dividend Increase
- GM plans to raise the quarterly dividend next year by 33% to 12 cents per share; launch an accelerated $10 billion repurchase program; and reinstate its 2023 forecast to include an estimated EBIT-adjusted impact from six weeks of U.S. labor strikes.
- GM CEO Mary Barra stated that the company is finalizing a budget for next year to fully offset the additional costs of new labor agreements.
- Net income for stockholders of $9.1 billion to $9.7 billion, compared to a previous outlook of $9.3 billion to $10.7 billion.
- Adjusted earnings per share of approximately $7.20 to $7.70 including the stock buyback, compared to the previous outlook of $7.15 to $8.15.
Quick Glance: Ford Revives Electric Vehicle Battery Plant in Michigan
- Ford has restarted work on an electric vehicle battery plant in Michigan, but the plant will be smaller than initially planned.
- Last month, Ford laid off workers involved in the production of the F-150 Lightning electric pickup truck.
- Competitor General Motors has postponed expanding production capacity for the electric Chevrolet Silverado EV due to slow demand growth.
- Producing batteries in the US should enable Ford to benefit from EV tax credits linked to domestic battery manufacturing.
Quick Glance: GM Workers' Contract Likely to Pass Despite Worker's Discontent
- Photographed on September 15, 2023 at General Motors' Wentzville Assembly Plant in Wentzville, Missouri.
- On October 30, UAW President Shawn Fain announced a contract deal with General Motors, praising the workers for their relentless fight.
- A significant number of GM workers voted against the record contracts, including a majority at some of the company's largest plants.
- Workers at GM's Arlington Assembly plant voted for the contract, while Ford workers were more positive, and the voting at Stellan in the Toledo Assembly Complex of Stellantis is pending.
Quick Glance: Senate Committee: Senator Challenges Teamsters President to Fight
- Mullin, former MMA fighter, provokes Teamsters President O'Brien during Senate hearing.
- Senator Sanders intervenes to prevent confrontation.
- Mullin suggests settling the dispute with a charity fight.
- Sanders interrupts discussion about physical violence.
Quick Glance: Biden Supports UAW Unionization at Tesla and Toyota
- Biden backs United Auto Workers' efforts to unionize workers at Tesla and Toyota.
- He emphasizes the importance of union contract agreements for all automakers.
- Biden underscores the role of union support in his election and future elections.
- Toyota and Tesla have contrasting responses to Biden's remarks on union support.
Quick Glance: Moody's Adjusts US Government Rating Outlook
- The rating agency has changed the rating of the United States government from 'stable' to 'negative'.
- It is expected that the United States' fiscal deficits will continue to be very large, significantly weakening debt affordability.
- The decision was made on Friday afternoon, meaning that Japan will be the first market to react to it.
- This only contributes to the gloomy mood with political turbulence, looming potential government shutdown, and yesterday's weak 30-year auction.
Hollywood actors reach tentative deal with studios to end strike: Hollywood actors reached a tentative agreement with major studios on Wednesday to resolve the ...
Quick Glance: Hollywood Actors' Strike to End Tomorrow
- After over 100 days and two rounds of negotiations, SAG-AFTRA and Hollywood's studios have finally reached a tentative agreement to end the actors' strike.
- SAG-AFTRA announced that the strike will officially end at 12:01 a.m. on Thursday, following the unanimous approval of the deal by the negotiating committee.
- The announcement has been highly anticipated, with SAG-AFTRA and the AMPTP, representing the Hollywood studios, meeting continuously over the last few weeks.
- Artificial intelligence remained a significant issue in recent negotiations, which SAG-AFTRA highlighted in their own statements.
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