The Street
The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Boeing workers have gone on strike

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the streets today.
00:04Wall Street is in a good mood as it anticipates the Federal Reserve
00:09lowering interest rates. The only question now is, by how much? In the meantime, investors are digesting the latest snapshot on
00:17consumer sentiment. Consumer attitudes continued to improve in early September.
00:22Consumers are finally feeling like they're getting some relief from inflation, according to the University of Michigan survey.
00:30Turning now to other news, Boeing is being hit with its first worker strike in 16 years.
00:36Roughly 33,000 union workers have walked off the job, bringing airplane production to a virtual standstill.
00:43Boeing can hardly afford this at a time when it needs to keep production going to replace billions of dollars in lost sales.
00:50Union workers overwhelmingly voted to reject a four-year contract that would have resulted in a 25% pay bump.
00:57This strike, however, is over more than just pay.
01:00There are still hard feelings over previous layoffs and Boeing's attempts to move union jobs to non-union facilities.
01:08One local union official said, quote,
01:10This is about fighting for our future.
01:12We will be back at the table whenever we can get there to drive forward on the issues our members say are important.
01:20Depending on how long this strike lasts, it could have a far-reaching
01:24negative impact on the economy overall.
01:27Not only is Boeing a big employer, but according to company estimates, its plane manufacturing operations support an entire ecosystem responsible for 1.6 million jobs.
01:39Boeing is in the grips of a tumultuous time after two deadly plane crashes and a door flying off mid-flight marred its safety record.
01:48That'll do it for your daily briefing from the New York Stock Exchange.
01:51I'm Conway Gittins with The Street.

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