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2023 UAW Contract Negotiations with Ford, GM, and Stellantis
The U.S. automotive industry is a large and critical part of the U.S. economy, and nowhere is that more apparent than in the Federal Reserve’s Seventh District, home of the Federal Reserve Bank of Chicago.1 About 60% of the UAW members impacted by this year’s high-profile UAW labor negotiations with Ford, General Motors (GM), and Stellantis work in the Chicago Fed’s District.2 These three companies produce just over half of all their U.S. vehicle output, 40% of all U.S. engine plant output, and 75% of all U.S. transmission plant output in Illinois, Indiana, and Michigan—three of the ...
Newsletter
Economy to Keep Rolling Along in 2016 and Accelerate Slightly in 2017
According to participants in the Chicago Fed?s annual Automotive Outlook Symposium, the nation?s economic growth is forecasted to be near its long-term average this year and to strengthen somewhat in 2017. Inflation is expected to increase in both 2016 and 2017. The unemployment rate is anticipated to edge lower through the end of 2017, reaching 4.8% by then. Light vehicle sales are predicted to be flat, at 17.3 million units, in 2016 and decrease slightly in 2017.
Newsletter
Economy to Cruise Near Speed Limit in 2017 and 2018 Even as Auto Sales Downshift
According to participants in the Chicago Fed?s annual Automotive Outlook Symposium, the nation?s economic growth is forecasted to be near its long-term average this year and to strengthen somewhat in 2018. Inflation is expected to increase in 2017 and to hold steady in 2018. The unemployment rate is anticipated to edge lower to 4.4% by the end of 2017 and to remain at that rate through 2018. Light vehicle sales are predicted to decrease from 17.5 million units in 2016 to 17.1 million units in 2017 and then to 16.9 million units in 2018.
How UAW Negotiations with Ford, GM, and Stellantis Usually Work
In two previous blog posts, I’ve talked about the backdrop and environment for 2023 UAW negotiations with Ford, GM, and Stellantis, recent contract history, and how that history has impacted hourly labor costs, wages, and other conditions of work. In this post, I cover the typical process for these contract talks, which is largely guided by the UAW’s constitution and existing organizational structures. In the first post in this series, I also mentioned how 2023 might be different, so in this post I explain some of those differences and list what the UAW has publicly said are its ...