East Coast Longshoremen Strike Averted

The International Longshoremen’s Association threatened to walk off the job if an agreement was not reached over cut royalties to dock workers for each ton of cargo they move. The union and the US Maritime Alliance, who represent the shipping lines, agreed to a 30-day extension to tie up loose ends. The original contract expired in September, but both sides agreed to a 90-day extension that would have ended at midnight on Sunday. This extension will end on January 28. If a full agreement is not reached in 30 days, the strike could have a major impact on the economy and markets. Ports from New York to Miami to Houston would have been closed, costing almost $1 billion a day. The 15 ports move more than 100 million tons of good every year. Employees already receive an average of $124,138 in wages and benefits a year. Last year, 110 million tons was moved in the ports, which add up to...