Amazon’s (AMZN) largest warehouse in Staten Island, New York City, saw workers walk out at midnight on Saturday. Further, workers at Amazon’s air cargo hub in San Bernardino, California, joined the strike that afternoon. This marks an escalation in the strike led by the International Brotherhood of Teamsters, which began at 6 a.m. EST on December 19 at about ten locations around the U.S.
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The strikes followed the Teamsters’ December 15 deadline for Amazon to begin contract negotiations, which the company failed to meet. As more Amazon facilities join the strike during one of the busiest online shopping and shipping seasons, the company faces mounting pressure to negotiate.
Key demands from workers include a significant wage increase to cope with rising living costs, better healthcare coverage, retirement benefits, and paid time off. Additionally, they are calling for improved workplace safety to reduce injuries and enhance working conditions.
Starbucks Joins the Fight
Amazon isn’t the only company facing labor issues this Christmas season. Starbucks (SBUX) workers have also intensified their strike, expanding it to four more U.S. cities, including New York. Workers United, a union representing over 10,000 baristas, is demanding a 64% immediate wage increase and a 77% raise over three years. Starbucks argues these demands are not financially viable.
The strikes at Amazon and Starbucks reflect the growing power of the labor movement in the United States, as workers across various industries demand better wages and working conditions.
Is AMZN a Good Stock to Buy?
Turning to Wall Street, AMZN stock has a Strong Buy consensus rating based on 46 Buys and one Hold assigned in the last three months. At $247.71, the average Amazon price target implies a 10.13% upside potential. Shares of the company have gained 48.03% year-to-date.
