The path forward for the U.S. economy seems more uncertain than it has in some time.
Rising interest rates, stubborn inflation and international strife are weighing down the economy while strong employment numbers and a rising stock market counterbalance that effect.
Related: Ford has harsh words for striking UAW workers
But the economy is a delicate balancing act, and recent labor strife threatens to upset the whole apple cart.
On Thursday, the The UAW said around 8,700 members working at Ford's truck plant in Louisville, Ky., its biggest in the world, would walk off the job late Wednesday amid a failure to make progress in the union's ongoing pay and pensions negotiations.
Last week, more than 75,000 employees of Kaiser Permanente — the largest healthcare operator in the country which operates a hospital network with over 300,000 personnel across 39 hospitals — walked off the job before they reached an agreement that ended the strike on Friday.
Hollywood writers also recently walked off the job, but returned after coming to labor peace, but now Hollywood actors are also striking and studios announced this week that they've suspended contract negotiations.
This week, some good news came on the labor front after packaged food maker Hormel (HRL) -) agreed to labor peace with union workers, avoiding a repeat of the infamous 1985-1986 Hormel labor strike that lasted for over a year and is considered one of the longest strikes in Minnesota history.
That history may have played a part in getting a deal done as the collective bargaining agreement between workers and Hormel actually expired in mid-September, but both sides decided to continue negotiating in good faith and were able to come to an agreement without a work stoppage.
Hormel workers new contract provides wage increases of $3 to $6 per hour, doubles bereavement leave, protects healthcare coverage and increases both pension and 401k contributions.
“Our members who work at Hormel Foods locations in Minnesota, Georgia, Wisconsin and Iowa voted today to ratify a contract that includes the largest wage increase in the company's history," said UFCW International President Mark Perrone. "In addition to gaining hourly wage increases of $3-$6 an hour, the new contract nearly doubles bereavement leave, protects healthcare coverage, and increases both pension and 401k benefits."
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