Writers, UAW, UPS strikes: Impact on economy

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The Writers Guild of America (WGA) strike continues after over four months of protests against production studios. Meanwhile, the United Auto Workers (UAW) are on the sixth day of their strike against the Big Three automakers: Ford (F), General Motors (GM), and Stellantis (STLA). Earlier this summer, United Parcel Service (UPS) and the Teamsters union were able to reach an agreement and avoid a prolonged strike. Yahoo Finance spoke to experts across the industry to discuss the summer of strikes and the potential impact on the economy. Yahoo Finance Senior Columnist Rick Newman broke down the recent rise in work stoppages. Newman was not concerned about the economic impact. He said, 'Economists are now saying, how much damage is this actually going to cause to the broader U.S. economy? And the answer is hardly any.' Cornell University School of Industrial and Labor Relations Senior Economic Advisor Erica Groshen discussed the UAW strike and what it could mean for labor conditions. Groshen said, 'We certainly have a very strong labor market, a very strong economy, and strike activity usually rises when the economy and the labor market is strong.' Axios Business Reporter Nathan Bomey revealed his concerns over EV production amid the rise in strikes across the country. Bomey stated, 'I think their long-term concern for the automakers is that they come out of this with higher labor costs which makes it more difficult to make EVs at a price point which people can afford.' U.S. Chamber of Commerce Executive Vice President Neil Bradley broke down what he referred to as 'the summer of strikes.' Bradley said, 'You have these unrealistic, almost excessive demands on the part of union leadership across a whole host of industry that could ultimately be destabilizing for the entire economy.' Milken Institute Chief Global Strategist Kevin Klowden discussed the effect of the Hollywood strikes on major studios like Disney (DIS), Warner Bros. Discovery (WBD), Netf