SEATTLE (AP) — The union representing striking Boeing factory workers says members will vote Monday on a new contract offer from the company that provides slightly bigger wage increases than an offer that was rejected last week.
Boeing 's latest offer would raise wages 38% over four years, or a compounded increase of about 43%, the International Association of Machinists and Aerospace Workers said Thursday.
Boeing in a statement Thursday said the company was also offering a $12,000 contract ratification bonus, up from $7,000 offered previously. Additionally, the company said it would increase its contribution to employee 401(k) plans.
About 33,000 IAM members have been on strike for seven weeks, shutting down production of most Boeing airline jets including the company's best-seller, the 737 Max.
The strike began Sept. 13 when more than 94% of workers voting rejected an offer of 25% over four years. Last week, 64% shot down a proposal that would have raised general wages 35% over four years.
The union originally demanded 40% in raises over three years and restoration of traditional pensions, which were frozen for then-current workers and not extended to those hired after January 2014. Workers on picked lines in the Seattle area have stressed pensions, but the company based in Arlington, Virginia, is unwilling to bend on the issue.
Boeing has said that average annual pay for machinists is currently $75,608.
The last Boeing strike, in 2008, lasted eight weeks and cost the company about $100 million daily in deferred revenue. A 1995 strike lasted 10 weeks.
Americans’ view of the U.S. economy declined modestly in August as anxiety over a weakening job market grew for the eighth straight month. The Conference Board said Tuesday that its consumer confidence index ticked down by1.3 points to 97.4 in August, down from July’s 98.7, but in the same narrow range of the past three months. A measure of Americans’ short-term expectations for their income, business conditions and the job market fell by 1.2 points to 74.8, remaining significantly below 80, the marker that can signal a recession ahead. Consumers’ assessments of their current economic situation also fell modestly, to 131.2 in August from 132.8 in July.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Wall Street is rallying after the head of the Federal Reserve hinted cuts to interest rates may be coming, though he gave no clear clue about when.
Federal Reserve governor Lisa Cook late Wednesday said she wouldn’t leave her post after Trump on social media called on her to resign over an accusation from one his officials that she committed mortgage fraud.
Berkshire Hathaway revealed four new investments Thursday in steelmaker Nucor, insurer UnitedHealth and two of the nation’s biggest homebuilders.
Shoppers spent at a healthy pace in July, particularly at the nation’s auto dealerships, as they appear to shrug off President Donald Trump’s tariffs, which are starting to take a toll on jobs and lead to some price increases.
The U.S. stock market is climbing toward records after data suggested inflation across the country was a touch better last month than economists expected.
Stocks are rising on Wall Street, keeping the market on track for its third weekly gain in the last four and possibly more record highs. The S&P 500 was up 0.8% in afternoon trading Friday. The Dow Jones Industrial Average added 243 points, or 0.6%, and the Nasdaq added 1% to the all-time high it set a day earlier. Expedia and Gilead Sciences both rose sharply after reporting results that easily beat analysts' forecasts. Both companies also raised their outlooks. Asian markets closed mostly lower except in Tokyo, where the Nikkei rose 1.9%. European markets were mixed. Treasury yields were higher.
Millions of Americans saving for retirement through 401(k) accounts could have the option of putting their money in higher-risk private equity and cryptocurrency investments.
Wall Street is rising, led by a rally for Apple. The S&P 500 climbed 0.7% Wednesday.
