Michigan Jobs Hit the Hardest by the General Motors Strike

Michigan Jobs Hit the Hardest by the General Motors Strike

(Bloomberg) — The General Motors Co (NYSE:). strike that weighed on national employment in October hit Michigan hardest, state-level data show.

Nonfarm payrolls in the Great Lakes state tumbled by 21,800 from September for the steepest monthly net loss among all states, according to Labor Department figures released Tuesday. Manufacturing explained most of the drop with a 22,000 decline that was also worst among states, leaving Michigan with 606,600 factory jobs, the lowest level since 2016.

While the 3.5% monthly drop for factory jobs was the steepest in a decade, the slump was offset by hiring in other industries. That reduced the state jobless rate to 4.1%, near the lowest level since 2000, from 4.2%.

Other states with GM plants also posted declines likely tied to the strike. Factory payrolls in Indiana and Tennessee both fell by more than 5,000.

The since-ended walkout of 46,000 GM employees was the largest U.S. labor strike in more than a decade. It contributed to a 41,600 decline in national automaker payrolls in October, government data showed. When GM and the United Auto Workers union reached an agreement last month, the six-week stoppage had cost the company nearly $3 billion.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source : Bloomberg Link

Follow 3-www.NET
Follow
e-News.US
  
Share
e-News.Us

Category Latest Posts