UAW workers enter second day of strike action following national trends | Business and Economy

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“A lot of people I’ve spoken to are third or fourth generation employees, it’s a family tradition, they’ve built this business over generations,” said Iversen. “When you say to cut pensions for people hired after November 1, it’s not nameless and faceless people somewhere in the future. It’s their children. They are their grandchildren.

A union worker picketing outside the Davenport factory said retired Deere workers stopped at the Quad-Cities factories in solidarity with current workers. According to employees, retired workers said Deere “deserved it for what they did.”

Nationally, workers are re-examining their relationships with employers, according to Vachon, due to changes in the labor market. Corporate profits and CEO compensation have been rising steadily since the 1970s, while workers’ wages have stagnated. As companies relied on cheap wages to boost profits, the onset of the labor shortage, which was created due to complications from the COVID-19 pandemic, is increasing the bargaining power of workers unionized because they are difficult to replace.

Although Deere’s high profits allow her to survive a strike, she will certainly lose the opportunity to generate significant income during the strike, according to Vachon.

Deere stock on Friday closed at $ 332.76, up $ 3.08. Deere shares closed at $ 329.65 Thursday, from $ 327.65 Thursday morning, when Deere workers went on strike. Deere shares have fallen since Monday, after UAW members overwhelmingly rejected Deere’s contract offer. On Monday, Deere’s stock price was $ 343.02.


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