More than 485,000 US workers went on strike in 2023 as unions launched an estimated 317 work stoppages, more than any time in the past two decades, according to an analysis by Bloomberg Law. Labour economists at Cornell University estimate that 310,000 workers were on strike in October alone. The UAW plans to use its wins at the bargaining table to recruit more union members. It has announced a sweeping effort to organise workers at the US plants of more than a dozen non-unionised carmakers, including Tesla, Toyota, and Volkswagen. The UAW is encouraging unions across the US, in every sector, to time their contract expiration dates to the UAW’s; in the US, most union contracts contain clauses that only allow workers to strike when the contract expires. By telling other unions to line up their contract expiration dates with the UAW’s, the autoworkers’ union is trying to lay the groundwork for sweeping industrial action that could extend beyond the auto industry.
- Date Posted:
- December 12, 2023
Core CPI for the month of November came in high again (but a touch below expectations). Here are the annual rates: 1 month: 3.5% 3 months: 3.4% 6 months: 2.9% 12 months: 4.0% Note, core PCE (de facto Fed target) likely will be ~2.5% for last six months annualized. Economists look at core because it is a much better predictor of future inflation. But the inflation that matters to people is overall and that was close to 0% for the second month in a row. And 3.1% over the last year. Back to core, now breaking out core goods and core services. Goods prices have been falling (supply chains etc.) but core service price growth has still been faster than is consistent with the Fed's inflation target. Shelter inflation has been a big part of the story. It has come down a lot from its highs. But not nearly as much as some were hoping. People who follow closely think further slowdowns coming but probably not nearly as much as "new rent" indices would suggest.