Data released Friday by the Bureau of Labor Statistics showed that U.S. job growth slowed to 150,000 in October, below expectations of 190,000 jobs. The unemployment rate rose to 8.1 percent from 9.3 percent.
This report shows that the U.S. economy is slowing as high interest rates and supply chain bottlenecks are curbing growth.
Manufacturing jobs fell by 35,000 in October, about 33,000 of which were due to the auto workers’ strike.
Earlier this week, General Motors reached a tentative agreement with the United Auto Workers to end a six-week strike. The agreement will provide GM workers with raises, benefits and other advantages.
President Biden’s intervention may also have helped end the strike. Biden visited Michigan on October 21 to cheer on striking workers.
Biden Benefits from Strike
President Biden benefited greatly from the UAW strike. Biden’s approval ratings among union members rose after the strike ended.
President Trump made comments during the strike criticizing UAW leadership and electric cars. These comments do not appear to have been supported by union members.
Unionization May Increase
UAW President Sean Fine has said he wants other automakers like Toyota, Honda and Tesla to join the union.
Biden’s 2024 re-election hopes
Biden will need the union’s support when he runs for re-election in 2024.UAW members are heavily represented in Michigan, Wisconsin and other key swing states.
Biden hopes the success of the UAW strike will help him win the union’s support.