In the course of an interview with CNBC’s “Squawk on the Street,” Treasury Secretary Janet Yellen stated that it is at present also early to identify the influence of the ongoing auto sector strike on the US economy. Jelen explained that it will rely on the duration of the strike and on who is impacted.
Due to the fact the early hours of Friday morning, thousands of United Auto Workers (UAW) workers employed by Basic Motors, Ford and Stellantis have been on strike as negotiations more than a new contract continue. Workers are demanding superior wages, shorter operate weeks and superior added benefits, but auto providers argue these demands would be also expensive for the sector.
UAV president Sean Fein stated small progress had been produced in talks more than the weekend and talked about the possibility of extending the strikes if needed. The Biden administration is not straight involved in the negotiations, but it is committed to a just answer. White Property Counsel Gene Sperling and Acting Labor Secretary Julie Sue strategy to travel to Detroit to assistance broker a deal.
Yelen emphasized the want for a win-win agreement and President Biden’s expectation that each sides negotiate diligently in order to uncover a answer.