Awesome. I’m envisioning a bunch of chubby Wisconsinites making weight loss drugs and it brings me joy.

Eli Lilly said on Thursday it will invest $3 billion to expand the manufacturing plant it bought in Pleasant Prairie, Wisconsin earlier this year, as it scrambles to meet soaring demand for its weight-loss and diabetes drugs.

 

The new investment in the factory, which it acquired from Nexus Pharmaceuticals, will help boost production of Lilly’s powerful weight-loss drug Zepbound as well as its diabetes treatments and other medicines, the company said.

“Today’s announcement represents our single largest U.S. manufacturing investment outside our home state of Indiana and will add to our ability to expand capacity to make both our existing and future pipeline of medicines,” said Edgardo Hernandez, Lilly’s president of global manufacturing.

 

[…]

 

Lilly, which has become the world’s most valuable healthcare company worth over $790 billion, said it plans to start construction on the expansion next year, and previously said it expects production at the facility to begin at the end of 2025.

The company said it expects to add 750 jobs to the Wisconsin plant, which already has more than 100, including operators, technicians, engineers and scientists.

Finally.

SEATTLE (Reuters) – Boeing’s U.S. West Coast factory workers accepted a new contract offer on Monday, ending a bitter seven-week strike that halted most jet production and deepened a financial crisis at the troubled planemaker.

 

The union said members voted 59% in favor of the new contract, which includes a 38% pay rise spread over four years, easing pressure on new Boeing CEO Kelly Ortberg after two previous offers were voted down in recent weeks.

 

Shares of the planemaker were up nearly 2% in premarket trading on Tuesday.

 

“This is a victory. We can hold our heads high,” Jon Holden the union’s lead negotiator, told members after the results were announced. “Now it’s our job to get back to work.”

Ouch. But government continues to add jobs as the private sector contracts.

Total nonfarm payroll employment was essentially unchanged in October (+12,000), and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care and government. Temporary help services lost jobs. Employment declined in manufacturing due to strike activity.

 

[…]

 

The change in total nonfarm payroll employment for August was revised down by 81,000, from +159,000 to +78,000, and the change for September was revised down by 31,000, from +254,000 to +223,000. With these revisions, employment in August and September combined is 112,000 lower than previously reported.

Ope. Guess people will have to go back to eating less and exercise for a while.

As a port strike stretching from New England to Texas halted nearly half of all trade coming into the U.S., customs data shows that critical medical devices and drug components for the booming, expensive weight-loss and diabetes drugs from Novo Nordisk and Eli Lilly — Ozempic, Wegovy, Mounjaro and Zepbound — are among the trade casualties in the ILA union port work stoppage.

 

Bills of lading, the digital receipts of freight containers, show that the delivery mechanisms for insulin and weight-loss drugs rely on East Coast ports for incoming trade.

“Novo Nordisk and Eli Lilly are both heavily reliant on the Port of Norfolk,” said William George, director of research at ImportGenius, which tracks the customs data.

 

In the past year, Novo Nordisk has imported through Norfolk 419 twenty-foot equivalent unit, or TEU, containers worth of pharmaceuticals and injection devices that contain semaglutide, a compound in its branded weight-loss drugs, according to George. “Novo fine syringes commonly used for insulin injections come into the U.S. by ocean freight as well,” he said.

 

Novo Nordisk has raked in nearly $50 billion in sales from Wegovy and Ozempic, with most of that revenue coming from the U.S., its CEO said in recent testimony before the U.S. Senate.

 

This is going to hurt.

EW YORK (AP) — U.S. ports from Maine to Texas could shut down Tuesday if a union representing about 45,000 dockworkers carries through with a threatened strike.

A lengthy shutdown could raise prices on goods around the country and potentially cause shortages and price increases at big and small retailers alike as the holiday shopping season — along with a tight presidential election — approaches.

“First and foremost, we can expect delays to market. And those delays depend on really what the commodities are and priorities at the ports and how quickly things move,” said Mark Baxa, president of the Council of Supply Chain Management Professionals.

Ouch.

For over a decade, business was booming in Hollywood, with studios battling to catch up to new companies like Netflix and Hulu. But the good times ground to a halt in May 2023, when Hollywood’s writers went on strike.

 

The strikes lasted multiple months and marked the first time since the 1960s that both writers and actors joined forces – effectively shutting down Hollywood production. But rather than roaring back, in the one year since the strikes ended, production has fizzled.

 

Projects have been cancelled and production was cut across the city as jobs have dried up, with layoffs at many studios – most recently at Paramount. It had a second round of layoffs this week, as the storied movie company moves to cut 15% of its workforce ahead of a merger with the production company Skydance.

 

Unemployment in film and TV in the United States was at 12.5% in August, but many think those numbers are actually much higher, because many film workers either do not file for unemployment benefits because they’re not eligible or they’ve exhausted those benefits after months of not working.

 

As a whole, the number of US productions during the second quarter of 2024 was down about 40% compared to the same period in 2022. Globally, there was a 20% decline over that period, according to ProdPro, which tracks TV and film productions.

Ouch.

RENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. A failure to get a deal done could be even more expensive.

 

In the shadow of a factory outside Seattle where Boeing makes its best-selling planes, picketing Boeing machinists told CNBC they have saved up money and have taken or are considering taking side jobs in landscaping, furniture moving or warehouse work to make ends meet if the strike is goes on much longer.

The work stoppage by Boeing’s factory workers in the Pacific Northwest just entered its second week. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long.

Way bigger ouch.

A major strike is on the horizon for thousands of maritime workers, posing a threat to East Coast ports responsible for billions of dollars of goods.

 

The International Longshoremen’s Association (ILA), the largest union of maritime workers in North America, has vocalized plans to go on strike at all of its Atlantic and Gulf Coast ports Oct. 1 if a new contract agreement can’t be reached with the United States Maritime Alliance (USMX). The union is arguing for better wages and continued protections against automation and new technology in its terminals.

“A sleeping giant is ready to roar on Tuesday, October 1, 2024, if a new Master Contract Agreement is not in place,” ILA President Harold J. Daggett said in a statement Monday.  “My members have been preparing for over a year for that possibility of a strike.”