Businesses ranging from airlines to auto parts makers are starting to feel the heat from the month-long strike by hourly workers at the Detroit Three automakers, with analysts warning that the financial hit could increase if the walkout does not end soon.
at more than $7 billion, companies are counting the cost of lost revenue amid an uncertain economy and persistent inflation.
Workers will also be careful about how they spend their money since strike pay is lesser than regular pay, he said.earlier this month became one of the first big companies to flag a hit after it said the strike has curtailed a "significant" amount of business in Detroit.
"Suppliers are expected to feel the pinch from lower volumes in fourth quarter, but the pain will not be equally spread," BofA Global Research analyst John Murphy said. Earlier this week, consultancy firm Anderson Economic Group estimated the economic losses related to supplier wages and earnings of about $2.67 billion through fourth week of the strike., the world's largest producer of car airbags and seatbelts, told Reuters it had seen a very limited impact from the strike, but it could become a risk the longer it continues.
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