John Deere recently failed to reach an agreement with its workers and the United Auto Workers (UAW) on a new labor agreement, resulting in 10,000 workers going on strike — the first time Deere employees have gone on strike in 30 years. Depending on how long the strike lasts, it could exacerbate the inventory challenges dealers are facing.
The rejected agreement would have provided an immediate 5-6% raise for most workers, according to UAW vice president Chuck Browning. Workers said the pay raises were inadequate given that John Deere is expected to make nearly $6 billion in profits this year, according to a report by The Hill. Union members also disapproved of how the pay hikes would be offset by pension cuts for new hires.
You can read more about the rejected agreement's specific details here.
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Read more on the lawsuit here.