Time is of the essence as The United Auto Workers and the “Big Three” U.S. automakers negotiate a new labor contract, impacting around 146,000 workers.

The UAW and the Big Three automakers, which include General Motors, Ford and Stellantis — owner of Jeep, Ram, Chrysler, Dodge and Fiat brands — have until 11:59 p.m. Thursday, Sept. 14 before the contract expires.

Here's what to know about the contract negotiations and looming strike.

How likely is the strike?

Sam Fiorani, vice president of global vehicle forecasting for AutoForecast Solutions, told the Detroit Free Press that he believes a strike against all three automakers is "a possibility." But a strike against one of the three or perhaps a key component or supplier is "highly likely at this point" because UAW President Shawn Fain has "given every sign that negotiations before next week's deadline will not reach his desired target," according to Fiorani.

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What are workers top demands?

The UAW is demanding an immediate 20% raise, followed by another four raises at 5% each. Altogether, hourly pay would increase by 46% spanning the four-year contract. Workers are also asking for a shift back to pensions, reinstated cost-of-living adjustments, a 32-hour workweek and elimination of compensation tiers, among other things.

Fain's hard push means that UAW members will likely see hourly wage increases. He has pushed for at least a 40% raise over the life of the contract. As the Detroit Free Press first reported in July, GM is expected to offer a wage increase for its 50,000 hourly workers in the new contract. 

How would the strike impact Americans?

The Anderson Economic Group calculated a potential economic loss of more than $5 billion dollars, if a strike against all three companies lasted 10 days. They also said a strike of that length could push the Michigan economy into a recession. Some car models may become scarce during the strike and prices may once again increase.

How long did the previous autoworkers strike last?

Autoworkers at GM went on a 40-day strike in 2019, costing the company an estimated $3.6 billion that year.

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Jamie L. LaReau contributed to this story.