With the October Job report coming out, we can now see another angle of how the US economy is growing. The United States had 150,000 new jobs, 20 thousand less than expected. The largest sections with new jobs include Health Care with 77 thousand, Government-related jobs with 51 thousand, and construction with 23 thousand. On the other hand, manufacturing jobs are down by about 35 thousand. This surged stock prices up after the job report came out, even though it was 20000 jobs short. However, many of those absent jobs were due to the strikes in the American Automobile industry
Over 43000 workers at Ford, General Motors, and Stellantis Motor Groups walked out and went on strike to protest their wages. Many of the workers believe that their employers are not giving them wages high enough to battle both inflation and the rising cost of living. Many of the workers want their work week to be cut down to 32 hours while still being paid for 40 and a 36% wage increase to combat rising inflation. These strikes have crippled both GM and Ford Stock as they are both at a yearly low. For investors, this could be a lucky break. People need to eventually buy cars. With the new year for cars starting later in 2023, new car models are sure to lead to stock rebounds.
Weekly Stock Buys
- General Motors
- Ford