More on the end of the US dock strike – over for now anyway

My earlier post is here, while the news was not overly clear – trying to get the info out quick:

• US dock workers agree to return to work – postpone strike action

Adding in some more detail now via various news outlets

• dock workers and port operators have reached a tentative deal ending a three-day strike affecting East Coast and Gulf Coast ports
• agreement includes a wage increase of approximately 62% over six years, raising wages from $39 to about $63 per hour
• the union, International Longshoremen’s Association (ILA) originally sought a 77% raise, while employers, the United States Maritime Alliance (USMX) previously offered nearly 50%
• both parties agreed to extend their master contract until January 15, 2025, to continue negotiations on outstanding issues.
• The strike was the largest of its kind in nearly 50 years, impacting ports from Maine to Texas
• the strike caused significant disruptions, such as around 45 container vessels waiting to unload as of Wednesday, compared to three before the strike
• the strike affected 36 ports, including major ones like New York, Baltimore, and Houston
• reports are that consumer prices were unaffected due to earlier shipment acceleration, but prolonged strikes could increase food prices, particularly perishables like bananas, fruits, seafood, and coffee

This article was written by Eamonn Sheridan at www.forexlive.com.