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Business & Economy
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Business & Economy
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Lawmakers press Boeing to resolve monthlong strike
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Democratic lawmakers in Washington state are pressing Boeing and the union representing thousands of striking machinists around Seattle and Portland to resolve the strike.
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Sens. Maria Cantwell and Patty Murray and Reps. Adam Smith and Rick Larsen called on the two sides to “expeditiously work out a fair and durable deal that recognizes the importance of the machinist workforce to Boeing’s future.”
Negotiations broke down earlier this month, and a spokesperson for the International Association of Machinists and Aerospace Workers (IAM) told The Hill on Wednesday that no dates have been set for the two sides to return to the negotiating table.
Members overwhelmingly rejected a tentative agreement that had included a 25 percent wage increase over the next four years and demanded the reinstatement of pensions.
The strike, IAM’s first since 2008, has already cost Boeing and workers $5 billion, according to the latest analysis by Anderson Economic Group. Boeing announced last Friday that it would be laying off 10 percent of its workforce, or around 17,000 employees, in the coming months and delay delivery of its 777X planes until 2026.
Acting Labor Secretary met separately with IAM 751 and Boeing leadership Monday to urge both sides to continue the bargaining process. Cantwell and Rep. Pramila Jayapal (D-Wash.), who represents Seattle, visited the picket line Tuesday.
A Boeing spokesperson told The Hill that the company remains “committed to finding a resolution to end the strike.”
The Hill’s Taylor Giorno has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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US unveils sanctions targeting Hezbollah funding
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The Biden administration announced new sanctions Wednesday against three individuals and four companies with alleged ties to revenue streams for the Lebanese militant group Hezbollah.
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Lobbying World: House Appropriations chair chief joins Baker Donelson
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Stephen Ruhlen, most recently chief of staff to House Appropriations Committee Chair Kay Granger (R-Texas), has joined Baker Donelson as a senior policy adviser in the firm’s Washington, D.C., office.
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FTC announces rule to make it easier to cancel subscriptions
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The Federal Trade Commission is taking steps to make it easier for consumers to cancel digital subscriptions.
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Upcoming news themes and events we’re watching:
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- Retail sales data for September is slated to come out Thursday at 8:30 a.m. EDT.
- The Committee for a Responsible Federal Budget holds an event on the fiscal impact of the Harris and Trump economic plans at 1 p.m.
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Branch out with more stories from the day:
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What’s behind the widening gender wage gap in the US?
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NEW YORK (AP) — Just how much of a setback was the COVID-19 pandemic for U.S. working women? Although …
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Business and economic news we’ve flagged from other outlets:
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- Dow climbs 300 points to another record close on Wednesday (CNBC)
- Crypto has quietly become one of the biggest electoral players. You wouldn’t know it from their ads. (Politico)
- America revolted against Tostitos and Ruffles. Now they’re making big changes (CNN)
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Top stories on The Hill right now:
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FEMA workers threatened by armed group in Tennessee
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There were some tense moments on Saturday when volunteers witnessed an armed group of people confronting and threatening FEMA workers in the Elk Mills community of Carter County in Tennessee. Read more
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Half the country will vote for Trump. What is his appeal?
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For me, Donald Trump is like pornography — he has no socially redeeming value. Read more
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Opinion related to business and economic issues submitted to The Hill:
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- One year after the UAW strike, Michigan is worse off
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You’re all caught up. See you tomorrow!
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