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Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

GM announced Tuesday that it had earned $2.3 billion in the third quarter, down 8.7%, adding that the 40-day UAW labor strike will reduce its 2019 earnings by about $2 per share — or nearly $3 billion.

Driving the news: About one-third of the strike impact was felt in the third quarter, which ended September 30. Workers returned to factories last Friday after ratifying a new four-year contract. GM said the financial results, driven by truck and SUV profits, demonstrate its ongoing resilience and said the labor agreement allows it to maintain its operating flexibility in the future.

Go deeper: GM, Michigan and 2020

Go deeper

Obama stumps for McAuliffe, urges Virginians not "to go back to the chaos"

Photo: Win McNamee/Getty Images

Former President Barack Obama framed a Nov. 2 gubernatorial race as a bellwether for the Democratic Party and the country, telling a crowd at a campaign event for Terry McAuliffe on Saturday that "I believe you, right here in Virginia, are going to show the rest of the country and the world that we're not going to indulge in our worst instincts."

Why it matters: With just over a week to go before Election Day in the Commonwealth, McAuliffe is bringing out the big guns. The 44th president appeared on the campus of Virginia Commonwealth University to urge supporters to get to the polls.

Bryan Walsh, author of Future
4 hours ago - Politics & Policy

Axios AM Deep Dive: America’s murder surge

Photo illustration: Sarah Grillo/Axios. Photo: Erik McGregor/LightRocket via Getty Images

Homicides rose at the fastest rate in at least six decades last year. This Axios AM Deep Dive, led by Future correspondent Bryan Walsh, looks at the state of gun crime.

8 hours ago - Politics & Policy

Senate Democrats target billionaires

Illustration: Annelise Capossela/Axios

After failing to get a deal on other planned tax increases, key Senate Democrats are pivoting to a billionaires' income tax to pay for President Biden's social spending.

The big picture: No advanced economy has attempted anything similar on such a scale.