• last year
Caroline Woods brings you the biggest news of the morning, including fresh CPI data and a looming United Auto Workers strike.
Transcript
00:00 I'm Caroline Woods filling in for JD Durkin, reporting from the New York Stock Exchange.
00:04 Here's what we're watching on the street today.
00:07 Investors are reacting to a hotter-than-expected inflation report.
00:11 Consumer prices rose 3.7 percent on an annual basis, compared to estimates of 3.6 percent.
00:18 This report gives Wall Street a clearer picture of the state of the U.S. economy, while helping
00:22 the Federal Reserve determine its next course of action.
00:26 Investors are pricing in a 93 percent chance that the central bank holds interest rates
00:30 steady when it meets September 19th.
00:34 Investors are also looking ahead to a big report on retail sales due out Thursday, which
00:38 measures the state of consumer spending.
00:41 Meanwhile, the United Auto Workers Union could strike at certain plants if a deal isn't reached
00:46 by the Thursday night deadline.
00:48 The union, which covers over 140,000 workers, has indicated it intends to pose a walkout
00:54 at General Motors, Ford and Chrysler parent Stellantis if their desires aren't met.
01:00 The union is pushing for a double-digit pay increase, more time off, cost of living adjustments,
01:05 shorter work weeks and an end to the use of temporary workers.
01:10 While the two sides have negotiated, there has been little progress on discussions of
01:14 higher pay.
01:15 If a deal isn't reached, this coordinated strike would mark the first major labor stoppage
01:20 at all three Detroit automakers and one of the biggest U.S. industrial labor actions
01:25 in years.
01:26 But it isn't cheap.
01:28 Anderson Economic Group estimates that a 10-day strike at these three automakers could cost
01:32 carmakers, suppliers and workers over $5 billion while triggering a brief recession in Michigan,
01:40 Indiana and Ohio.
01:42 That'll do it for your daily briefing from the New York Stock Exchange.
01:45 I'm Caroline Woods with The Street.
01:47 Thanks for watching.
01:48 [BLANK_AUDIO]

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