By Tom Krisher
Autoworkers at the first Ford factory to go on strike have voted overwhelmingly in favor of a tentative contract agreement reached with the company.
Members of Local 900 at the Michigan Assembly Plant in Wayne, Michigan, west of Detroit voted 81% in favor of the four year-and-eight month deal, according to Facebook postings by local members on Thursday.
Two union officials confirmed the accuracy of the percentage Thursday. Neither wanted to be identified because the vote totals had not been made public.
About 3,300 UAW members went on strike at the plant Sept. 15 after the union's contract with Ford expired. They remained on the picket lines until Oct. 25, when the union announced the tentative deal with Ford.
Production workers voted 81% to ratify the deal, while skilled trades workers voted 90% in favor.
Voting at Ford will continue through Nov. 17.
Local union leaders from across the country at Jeep maker Stellantis are meeting in Detroit Thursday to get an explanation of the company's tentative agreement from UAW President Shawn Fain and Vice President Rich Boyer. If they endorse the contract, Fain and Boyer will explain it to members in an online presentation Thursday evening.
General Motors local leaders will meet on Friday, with another contract explanation on Friday evening.
The deals with all three companies are generally the same, although there are some differences. All give workers 25% general pay raises with 11% upon ratification. With cost of living pay, the raises will exceed 30% by the time the contracts end on April 30, 2028.
Workers began their strikes with targeted walkouts at all three automakers that grew during a six-week period in an effort to pressure the companies into a deal. GM was the last company to settle early Sunday morning.
Darden, the parent company of chain restaurants like Olive Garden and Ruth's Chris Steakhouse, beat Wall Street estimates in its latest earnings report.
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Mortgage rates have dropped below 7% for the first time since the middle of August.
