The United Auto Workers (UAW) union launched a strike on Friday after the union and General Motors (GM), Ford (F), and Chrysler parent Stellantis (STLA) failed to reach an agreement.

The strike is the first of its kind in that the UAW is striking against all three of the largest American automakers, known as the "澳洲幸运5官方开奖结果体彩网:Big Three." The union, which is cal𝄹ling this a "stand-up strike," represents nearly 150,000 auto workers ༒in the U.S.

The UAW and the Big Three have been negotiating since 澳洲幸运5官方ౠ开奖结果体彩网:union members voted to authorize a strike at the end of August, but they have been unable to agree on the terms of a contract by Thursday's deadline. Prior to the strike, 澳洲幸运5官💦方开奖结果体彩网:Ford and General Motors made offers to the union that fell short of UAW's asks.

Currently, the work stoppage is limited to three assembly plants. Thousands of workers walked off the job at the GM Wentzville Assembly in Missouri, Stellantis Toledo Assembly Complex in Ohio, and Ford Michigan Assembly Plant. 

Ford and GM shares weꦍre up 1% and 1.8%, respectively, as of 9:45 a.m. ET on Friday. Stellantis shares were 0.6% higher.

UAW Demands

The UAW is demanding higher wages and benefits, as well as stronger labor rights protections, including a 32-hour, four-day workweek, and a 40% boost in wages to be implemented over the life of a four-year contract.

The union said it wants the Big Three's profits reflected in their compensation, and that “record profits mean record contracts.” Stellantis had reported a record $12.1 billion in net profit in first half of 2023, while Ford reported net income of $1.92 billion in the second quarter, up from $667 million in the same period a year ago. GM said its net income was up 52% in the second quarter from a year ago at $2.6 billion.

Economic Impact

The UAW strike could have a 澳洲幸运5官方开奖结果体彩网:major impact on the ওeconomy at large, depending on how long it lasts. The Big Three produce more than half the vehicles in the U.S., and a 10-day strike could cost the U.S. economy more than $5 billion in losses, according to an Anderson Economic Group estimate.