A month-long strike at General Motors could cut U.S. job growth by as much as 75...
) could cut U.S. job growth by as much as 75,000 in October, JPMorgan economist Daniel Silver said on Friday, an unwelcome development amid financial market fears of a recession.
The estimate draws comparisons with the 1998 strike at GM, which JPMorgan estimated depressed payrolls in July of that year by about 150,000 jobs. That strike spilled over to other parts of the auto industry. “The near-50,000 workers on strike at GM plants starting in mid-September should be removed from the October nonfarm employment count,” said Silver. “We therefore look for the total drag on employment coming from the strike to be only somewhat larger than the direct effects, likely around 75,000.”
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