UPS And Teamsters Reach Agreement In Labour Negotiations

Reuters reporting that the United Postal Service and unionised workers represented by the International Brotherhood of Teamsters have reached an agreement in principle on a new contract to avoid a strike.

• Reuters reports that, according to UPS, a "five-year agreement covers US teamsters-represented employees in small-package roles, is subject to voting and ratification by union members."
• Parties will now have a week to ratify the agreement to avert a strike which could have involved around 340,000 workers.
• Reuters reported this morning that, "One estimate put the potential economic impact of a 10-day UPS strike at more than $7 billion, the costliest in modern times. That estimate from Michigan-based Anderson Economic Group includes UPS customer losses of $4.6 billion, lost wages of $1.1 billion and company losses of $816 million."