Boeing has increased its offer to striking employees in an effort to end the strike.
Transcript:
Conway Gittens: Here’s what we’re watching on TheStreet today.
Stocks are floating near record highs on Tuesday as investors show confidence in a belief the Federal Reserve can bring down inflation without throwing the economy into a tailspin. Stocks aren’t the only asset making new record highs. Home prices hit a record high in June, according to the latest S&P Case-Shiller Home Index. However, there’s good news for homebuyers – the pace of price gains is slowing.
In other news – Boeing has put a new offer on the table in hopes of ending a financially-damaging workers’ strike.
According to the new deal, workers would get a 30 percent raise stretched across four years with 12 percent of that coming immediately. That’s better than the 25 percent total raise proposed before the strike. In addition, Boeing is agreeing to chip in more to 401K retirement plans. Workers have demanded Boeing reinstate a traditional pension plan that was scrapped 10 years ago.
Boeing’s current offer is good until September 27th. But says the two sides aren’t even talking directly.
“After an unsuccessful federal mediation last week, we presented a best and final offer that made significant improvements and addresses feedback from the union and our employees.”
The new deal is already dead on arrival, according to the union that represents the 33-thousand striking machinists.
“We contacted the company to demand they engage in either direct talks or a mediated discussion. The company has refused to meet for further discussion; therefore, we will not be voting on the 27th.”
According to early estimates, the strike cost Boeing $572 million in the first week alone.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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