UAW Makes Headway In Labor Talks But Agreement Still Not In Reach: Report

General Motors Company GM, Ford Motor Company F and Stellantis N.V. STLA are only three days away from a possible strike by UAW, with 146,000 autoworkers.

The United Auto Workers union President Shawn Fain reportedly said the talks between the union and the Detroit Three automakers have made some headway, but an agreement has not been reached, Reuters reported.

"We've made some progress, a little bit of progress but it's still slow but we're moving," the report quoted Fain telling CNN. "We have a long way to go. ... There's a lot of issues."

Stellantis had earlier on Monday said it planned for a counteroffer after the union made a revised offer on Sunday. Its current four-year labor deal expires on September 14.

The report noted GM had offered a 10% wage hike and two additional 3% annual lump-sum payments for four years. Ford hiked its offer to a 10% wage hike last week.

According to the Anderson Group, an economic consultancy, a 10-day strike could reduce the U.S. gross domestic product by $5.6 billion, potentially pushing the Michigan economy into a recession.

However, RSM US LLP economist Joseph Brusuelas said the strike would not be sufficient to cause a recession but could suffer a modest 0.2% drag this quarter should the action last for a month.

The UAW's demands include a defined-benefit pension, retiree health care, pay raises equal to 46% over four years, a 32-hour work week, reinstatement of cost-of-living allowances, and the end of tiered pay. 

Price Action: GM shares are trading lower by 0.18% at $32.56 in premarket on the last check Tuesday.

Photo Via UAW