The government had previously estimated that the economy grew at a 4.9% annual rate last quarter. In the current fourth quarter, though, economists say growth is likely slowing sharply from the cumulative effects of higher borrowing rates on consumer and business spending.

Due to $2 billion worth of annual efficiency gains and cost reductions expected by the end of next year, the company said it can can handle $9.3 billion in labor cost increases from US and Canadian union contracts through April of 2028.

Clearly frustrated with its languishing share price, General Motors is announcing a massive stock buyback plan, raised its dividend and told investors it can absorb increased labor costs from a six-we