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.
The Enhanced Games is going public in two ways — with a new listing on the Nadsaq stock exchange and also by offering a direct-to-consumer business focused on performance products.
U.S. stocks are rising following updates on the economy that kept alive hopes for a coming cut to interest rates. The S&P 500 rose 0.7%, as 4 out of every 5 stocks within the index climbed. The Dow Jones Industrial Average rose 562 points, and the Nasdaq composite rose 0.4%. Nvidia weighed on the market after a report suggested Meta Platforms may spend billions on AI chips from Alphabet instead of it. Treasury yields eased after reports on U.S. retail sales and inflation kept traders betting on a good chance for a cut to interest rates in December.
The U.S. stock market is rallying after it seemed to successfully pass a couple of crucial tests. Not only did Nvidia provide another blockbuster profit report that suggested AI superstar stocks can keep rising, a mixed report on the U.S. jobs market Tuesday also kept alive hopes for more cuts to interest rates by the Federal Reserve. The S&P 500 rose 1.7% Thursday and pulled closer to its all-time high set almost a month ago. The Dow Jones Industrial Average climbed 581 points, and the Nasdaq composite jumped 2.2%. Walmart also rose after delivering better-than-expected results.
Computer chipmaker Nvidia is poised to release a quarterly earnings report that is expected to either deepen a recent downturn in the stock market or prompt an ebullient sigh of relief among investors increasingly worried the world’s most valuable company is perched upon an artificial intelligence bubble about to burst.
U.S. stocks are drifting in mixed trading. The S&P 500 rose 0.2% Wednesday and remains near its all-time high set a couple weeks ago.
Shares are higher in Europe and Asia, lifted by technology stocks that have rebounded from last week's losses.
