The number of workers on strike hits the highest since the 1980s
The number of striking workers ballooned to nearly 500,000 in 2018, up from about 25,000 in 2017, according to the Bureau of Labor Statistics. This is the most people who have walked out on work since the mid-1980s.
As employment numbers have rapidly risen over the 10-year expansion, wages have struggled to keep up. And as the labor market tightens, workers are becoming more confident to strike for better salaries and benefits.
In September, workers for General Motors walked out in what has now become the company's longest strike in decades. The strike began after the auto manufacturer failed to reach an agreement with the labor union, United Auto Workers, over its workers' labor contract. The walkout is estimated to have cost General Motors upwards of $2 billion, according to Bank of America.
Not only are people striking, but the number of people who have voluntarily quit their job hit an all-time in July, which can be viewed as a measure of job market confidence. The percent of striking workers in the total workforce is currently at about 0.3% compared to 0.4% in the mid-1980s.
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