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JPMorgan CDR (CAD Hedged)
Symbol JPM
Shares Issued 2,200,000
Close 2023-09-20 C$ 20.07
Market Cap C$ 44,154,000
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Globe/wire say JPMorgan warns on UAW settlement

2023-09-21 08:01 ET - In the News

The Globe and Mail reports in its Thursday, Sept. 21, edition that the United Auto Workers strike against the Detroit Three automakers General Motors, Ford and Stellantis entered its fifth day on Tuesday. A Reuters dispatch to The Globe reports that it is the first time ever the union strike has been across all three automakers simultaneously. Fewer than 13,000 of the UAW's 150,000-strong work force are involved in the strike over pay and benefits. If no agreement is reached, that could quickly spread in numbers and locations. Detroit's Big Three accounted for 43 per cent of new cars sold in the U.S. last year, according to Cox Automotive, so the disruption is potentially huge. JPMorgan analysts also warn that a significant wage settlement -- the UAW is looking for a 40-per-cent increase over four years -- will present an upside risk for inflation across the sector as some of that will be passed onto consumers. The annual rate of used cars and trucks price inflation reached a record high 45 per cent in June, 2021, according to one measure from the Bureau of Labor Statistics, while Cox Automotive's Manheim index of used vehicle prices rose at a peak annual rate of 54 per cent in April that year.

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