Railroads And Unions Reach "Tentative Agreement" To Avert Rail Strike
• Zero HedgeUpdate (1056ET):
President Biden is expected to deliver remarks around 1100 ET on the tentative railway labor agreement reached by rail freight companies and labor unions, averting a supply chain disaster ahead of the pivotal midterm elections.
The Biden administration was locked in "20 consecutive hours" of discussions with railroads and unions to resolve the labor dispute.
Update (0908ET):
CBS News Kris Van Cleave sheds more light on the tentative deal by railroads and unions to avoid a strike Friday.
There is a tentative deal to avoid a rail strike. Railroads say tentative agreements include a 24% wage increase during over by 2024 — w/14.1% bump effective immediately — and 5 annual $1,000 bonuses.
— Kris Van Cleave (@krisvancleave) September 15, 2022
Unions get their sick time demand. Deal followed a 20 hour negotiating session.
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