Through an interview with CNBC’s “Squawk on the Street,” Treasury Division Secretary Janet Yellen stated that it is at the moment also early to figure out the influence of the ongoing autoworkers strike on the U.S. economy. Yellen explained that this would rely on the duration of the strike and who is impacted by it.
Considering that the early hours of Friday morning, thousands of United Auto Workers (UAW) employed by Common Motors, Ford, and Stellantis have been on strike as negotiations for a new contract continue. The workers are demanding enhanced wages, shorter perform weeks, and far better positive aspects, but the auto businesses argue that these demands would be also expensive for the market.
UAW President Shawn Fain expressed that small progress had been created in the talks more than the weekend and pointed out the possibility of expanding the strikes if vital. The Biden administration is not straight involved in the negotiations but is pushing for a fair resolution. White Property adviser Gene Sperling and acting Labor Secretary Julie Su strategy to travel to Detroit to help in reaching a deal.
Yellen emphasized the need for a win-win agreement and President Biden’s expectation for each sides to negotiate diligently to come across a resolution.