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Key Takeaways
- U.S. dockworkers agreed to suspend their strike until Jan. 15, after reaching a tentative agreement with port operators on wages.
- An estimated 45,000 members of the International Longshoremen’s Association went on strike earlier this week, seeking higher pay and labor protections.
- The strike shut down U.S. ports responsible for about two-thirds of the country’s imports, disrupting supply chains and threatening to raise prices for many goods.
U.S. dockworkers agreed to return to work and suspend their strike until Jan. 15, after reaching a tentative agreement with port operators on wages.
The International Longshoremen’s Association (ILA) and United States Maritime Alliance (USMX) said they would “return to the bargaining table to negotiate all other outstanding issues,” according to a joint statement Thursday.
The agreement reportedly includes a 62% bump in wages over six years, up from an earlier proposal that would have lifted workers’ pay 50%, though still below the 77% raise the union had hoped for.
An estimated 45,000 members of the ILA went on strike earlier this week, seeking higher pay and labor protections against automation from port operators.
The strike shut down U.S. ports responsible for more than 68% of the country’s imports, disrupting supply chains and threatening to raise prices for many goods.
JPMorgan analysts estimated the strike could have cost the U.S. economy as much as $4.5 billion per day.