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    Home»Lifestyle»Michigan Feels The Impact of the GM Auto Workers Strike
    Lifestyle

    Michigan Feels The Impact of the GM Auto Workers Strike

    Jessica D. Bullock, DIBy Jessica D. Bullock, DIOctober 5, 2019Updated:October 6, 2019No Comments2 Mins Read
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    The General Motors Auto strike heads into week three and Michigan is feeling the effects of the pressure placed on GM by auto workers.

    What We Know:

    • According to a report by LendingTree and Moody’s Investors Service, Michigan was already the state most likely at risk to fall into a recession prior to the strike. With the strike including 48,000 workers from 55 facilities, Michigan is at the greatest risk of a decline in consumer purchases as well as drops in income and tax revenues.
    • Patrick Anderson, CEO of Lansing’s Anderson Economic Group consulting firm says, “Past 10 days, you’re starting to risk Michigan going into a one-state recession, particularly southeast Michigan.” A strike that lasts about a week would create a “fractional drop” on national economic growth this quarter, Anderson said. A work stoppage, however, would take much longer before it could send the U.S. economy into a recession — and that’s not likely.
    • The amount of pressure the strike puts on Michigan’s municipal and state bonds depends on “how long GM facilities remain shut and, for local governments, whether income tax revenues constitute a significant revenue source,” according to Moody’s.
    • “If the strike drags on for many weeks, they estimate that total state tax withholdings will be reduced by $3.5-$4.6 million per week (or about 1.75%-2.3% of targeted weekly statewide withholding revenue), including estimated effects on other businesses,” Moody’s said.

    GM is said to be losing $100 million in revenue per day, but have enough cash, dealers and enough inventory to weather the ongoing storm.

    2019 Auto Strike economy General Motors Michigan
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    Jessica D. Bullock, DI

    Jessica D. Bullock is a Digital Intern at Black News Alerts.

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