The dockworkers will return to work with immediate effect, while their union – International Longshoremen's Association (ILA) – will continue to negotiate with the employers' representatives.
A source with insight tells AP that the offer of wage increases has been raised from around 50 percent over six years to 62 percent. It is still a bit below ILA's demand of 77 percent, which is intended to cover, among other things, the inflation that has eroded the members' purchasing power in recent years. The union also wants to stop all forms of automation.
Almost 40 ports along the entire East Coast and the coast of the Gulf of Mexico in the south – including major ports in New York, New Jersey, Savannah, and Houston – have been affected by the strike.
Economists at JP Morgan Chase & Co have estimated the losses caused by the strike to be up to 4.5 billion dollars (equivalent to 46 billion kronor) per day.
