Tens of thousands of dock and port workers are heading back to work after their union and the U.S. Maritime Alliance reached a tentative agreement to end the labor dispute.
The breakthrough came after port employers reportedly offered a 62 percent wage increase over six years. The agreement also extends their master contract to add more time to iron out details over a new contract.
All current job action will stop immediately, and as many as 50,000 maritime workers will return to work on Oct. 4. The strike was the largest shutdown of Atlantic and Gulf coast ports in 50 years. Work stoppages were estimated to affect billions in daily trade volumes. Economists projected that a week- or month-long disruption could have harmed the economy and potentially rekindled inflationary pressures.