Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
The six-month United Auto Workers strike was historic in its scope and the demands involved, but the work stoppages also have made their mark on the broader economy.
Still, he said he doesn’t think that the dealers were hurt too badly by the multiweek stoppages because of excess inventory on hand. Economic growth accelerated to a 4.9% seasonally adjusted annual rate in the third quarter of this year, up from 2.1% the quarter before, the Bureau of Economic Analysis reported. That was above the expectations of economists for a 4.2% increase.
Handfield said that minor changes in GDP isn’t the only thing that has been affected by the work stoppages. Auto prices might trend up because of decreased supply brought on by the strike, which ended up lasting 44 days before all three of the major automakers reached tentative agreements with the union.
While there might be some fallout on prices, Shah said that because prices were already under so much pressure during the pandemic and the work stoppages only affected some of the supply of new cars , the effects may be minimal. Patrick Penfield, a professor of supply chain practice at Syracuse University, said that the strike ended at just the right time to avoid much more severe economic effects. The timing teed up the auto manufacturers to go into overdrive in the lead-up to the holiday shopping season, which could have been severely affected if the work stoppages dragged out into November and December.
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