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.
U.S. stocks edged up to more records. The S&P 500 rose 0.1% Thursday. The Dow Jones Industrial Average added 0.2%, while the Nasdaq composite climbed 0.4%. All three set all-time highs. Technology stocks helped lead the way after OpenAI announced partnerships with South Korean companies for its Stargate artificial-intelligence infrastructure project. Fair Isaac surged to its best day in nearly three years after unveiling a program where customers can potentially bypass big credit bureaus for FICO credit scores. Stock indexes also rose across much of Europe and Asia, while Treasury yields eased in the bond market.
U.S. stocks are drifting toward more records as Wall Street still doesn’t seem to care much about the latest shutdown of the U.S. government.
It pays less and less to buy and flip a home these days. The typical home flipping profit margin fell in the second quarter to its lowest level since 2008, with a typical return of 25.1% before expenses. That's according to an analysis by Attom, a real estate data company. Rising home prices are driving up acquisition costs, making flipping less profitable. The median price for a flipped home reached a record high of $259,700, according to Attom. Meanwhile, with many aspiring homeowners priced out of the market, real estate investors are taking up a bigger share of U.S. home sales overall.
A new report finds the Department of Government Efficiency’s remaking of the federal workforce has battered the Washington job market and put more households in the metropolitan area in financial distress.
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Wall Street is rising toward more records, led by a rally for technology stocks. The S&P 500 rose 0.7% Thursday.
Nvidia announces a new partnership with Intel to work on custom data centers and personal computer products.
The Federal Reserve cut its key interest rate by a quarter-point Wednesday and projected it would do so twice more this year as concern grows at the central bank about the health of the nation’s labor market. The move is the Fed’s first cut since December and lowered its short-term rate to about 4.1%, down from 4.3%. Fed officials, led by Chair Jerome Powell, had kept their rate unchanged this year as they evaluated the impact of tariffs, tighter immigration enforcement, and other Trump administration policies on inflation and the economy. The only dissenter was Stephen Miran, the recent Trump-appointee.
After a late-night vote and last-minute ruling, the Federal Reserve began a key meeting on interest rate policy Tuesday with both a new Trump administration appointee and an official the White House has targeted for removal.
Wall Street is heading for more records.
