• 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how the port strike came to an end.

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Sports
Transcript
00:00I'm Conway Giddens reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05A surprisingly robust monthly employment report is giving the stock market some adrenaline.
00:10The U.S. economy added 254,000 jobs in September, which was not only better than expected,
00:16it was the biggest hiring number since March.
00:19The unemployment rate fell to 4.1%, and there's more good news.
00:23Wage growth continued to outpace inflation.
00:26Average paychecks were 4% higher than a year ago.
00:30But wait, there's more good news.
00:32The massive labor strike at ports stretching from Maine to Texas is over.
00:36The biggest labor walkout in nearly half a century ended after the two sides agreed to wage hikes.
00:42Workers will reportedly get a 62% raise stretched across six years.
00:48That works out to an eventual average hourly wage of $63, up from $39.
00:54Both sides issued a statement saying that they would extend a contract until January 2025,
01:00which allows them time to negotiate other issues.
01:03Quote, effective immediately, all current job actions will cease
01:08and all work covered by the master contract will resume.
01:12One issue which has not been resolved is the role of automation
01:15and how many jobs will be lost to technology.
01:18The end of the three-day strike is seen as a win for the Biden-Harris administration.
01:23Vice President Kamala Harris could hardly afford an economically crippling worker strike
01:28with less than a month to go before the election.
01:31The economy took a $5 billion hit each day of the strike, according to J.P. Morgan estimates.
01:37However, the work stoppage may be over, but the damage could linger.
01:42Logistics experts say it will take one week to undo each day of lost activity at the ports.
01:49That'll do it for your daily briefing from the New York Stock Exchange.
01:52I'm Conway Gittins with The Street.

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