International Longshoremen’s Association’s strike ended on Friday, removing worries that an extended strike would negatively impact new-home starts and sales.
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International Longshoremen’s Association members went back to work on Friday after successfully negotiating a 62 percent cumulative pay raise over the next six years. ILA members will keep their current pay until Jan. 15, while union leaders continue to push for other demands, including banning the use of automated robotics at the ports.
“Today’s tentative agreement on a record wage and an extension of the collective bargaining process represents critical progress towards a strong contract,” President Joe Biden said of the deal on Friday. “I congratulate the dockworkers from the ILA, who deserve a strong contract after sacrificing so much to keep our ports open during the pandemic. And I applaud the port operators and carriers who are members of the U.S. Maritime Alliance for working hard and putting a strong offer on the table.”
The strike threatened to upend the U.S. economy, an NPR report said, as dockworkers process more than $2 billion in imported goods every day. During the two-day strike, shoppers began panic shopping at warehouse retailers such as Sam’s Club and Costco. The latter ran out of toilet paper at multiple locations, prompting the American Forest & Paper Association to call for calm.
“The American Forest & Paper Association is aware of reports of toilet paper shortages, which some have attributed to the current port strike,” Heidi Brock, the group’s CEO, told CBS MoneyWatch on Thursday. “While we continue to urge the ILA and USMX to…