33,000 Boeing workers have hit the picket lines, adding to the long list of troubles for the aircraft-maker.
Transcript:
Conway Gittens: Here’s what we’re watching on TheStreet today.
Wall Street is in a good mood as it anticipates the Federal Reserve lowering interest rates. The only question now is: by how much? In the meantime, investors are digesting the latest snapshot on consumer sentiment. Consumer attitudes continued to improve in early September. Consumers are finally feeling like they’re getting some relief from inflation, according to the University of Michigan survey.
urning now to other news – Boeing is being hit with its first workers’ strike in 16 years. Roughly 33,000 union workers have walked off the job – bringing airplane production to a virtual stand-still. Boeing can hardly afford this at a time when it needs to keep production going to replace billions of dollars in lost sales.
Union workers overwhelmingly voted to reject a four-year contract that would have resulted in a 25 percent pay bump. This strike, however, is over more than just pay. There are still hard feelings over previous layoffs and Boeing’s attempts to move union jobs to non-union facilities. One local union official said ”This is about fighting for our future. We will be back at the table whenever we can get there to drive forward on the issues our members say are important.”
Depending on how long this strike lasts, it could have a far-reaching negative impact on the economy overall. Not 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.
Boeing is in the grips of a tumultuous time after two deadly plane crashes and a door flying off mid-flight marred its safety record.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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