US workers at General Motors strike for the first time in 37 years

The US financial sector is holding its breath following a return to the negotiating table for 73,000 striking General Motors (GM) employees.

The United Auto Workers union started a nationwide strike at US automaker GM on Monday, the first in 37 years. It caused the closure of 80 plants countrywide.

UAW workers are striking over job security, economic issues, benefits for active workers, including pensions, and winning investment in future products, according to UAW president, Ron Gettelfinger.

“We stand ready, 24-hours a day, seven days a week to go back to the bargaining table,” Gettelfinger said.

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Negotiators from the UAW and GM were to meet on Tuesday morning (US time), as the impact of the strike was expected to start reaching other workers at plants, including some in Canada, and to affect the US economy.

The strike is costing GM about £440m per week, according to an analyst at Deutsche Bank.