With the UAW strike deadline approaching next week, here's a look at some key facts about the possible strikes and their costs.
Stanley found that 82% were expecting a strike, while 58% believed that a stoppage was"extremely likely." A significant percentage also anticipate any UAW contract talks could cause wage inflation in the range of 20%-40% over the next four-year period.The Detroit Three automakers account for about 40% of U.S. new light vehicle sales by units, according to J.P. Morgan. IHS Markit is estimating stoppages at the three automakers to disrupt North American vehicle production by about 75%.
A month-long strike at the three automakers could cut output by as many as 500,000 vehicles, Sam Fiorani, vice president of global vehicle forecasting for AutoForecast Solutions, said in a newsletter. About 1.3 million light vehicles were sold in the United States in August, according to Wards Intelligence data.The automotive industry has historically contributed 3%-3.5% to the U.S. GDP. As of 2020, it accounted for nearly a 7% share of manufacturing value-added in the U.S.
In terms of employment, the auto manufacturing sector accounts for 9.7 million jobs, or about 5% of U.S. private-sector employment, according to data from the Alliance for Automotive Innovation.
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