![]() ![]() Moderations in the data again fueled bets that the Federal Reserve may ease the pace of its monetary tightening campaign, with investors shrugging off Chair Jerome Powell's assertion earlier this month that a policy shift is not imminent. Meanwhile, Treasury yields tumbled following the report, with the benchmark 10-year note falling well below the 4% level. ![]() The technology-heavy Nasdaq Composite ( ^IXIC) advanced a whopping 7.4%, its sharpest climb since emerging from the pandemic crash in March 2020. The S&P 500 ( ^GSPC) rallied 5.5% - its biggest intraday gain since April 2020 - while the Dow Jones Industrial Average ( ^DJI) jumped 1,200 points, or 3.7%, the most since May 2020. Economists surveyed by Bloomberg called for a 7.9% annual rise and 0.5% monthly gain. The Consumer Price Index (CPI) for October reflected a 7.7% increase over last year and 0.4% increase over the prior month, better than Wall Street expected. stocks posted outsized gains Thursday, logging their biggest one-day climb in two years, as Wall Street cheered lighter-than-expected inflation data and monitored midterm election tallies. "We demanded the best contract in the history of UPS, and we got it," O'Brien said.Īlexis Keenan is a legal reporter for Yahoo Finance. Those workers who work Tuesday through Saturday and earn $36.54 per hour plus benefits will convert to regular full-time workers, though their pay rate has not yet been disclosed by the parties. This group was formed in a mutual agreement between UPS and the union to meet demands for Saturday delivery. The union and UPS also agreed to eliminate a pay class for a hybrid group of full-time workers who sort and load packages in the company's warehouses as well as drive and deliver packages. (AP Photo/Brynn Anderson)īefore today the two sides had been able to settle a number of other issues, including ending forced overtime on unscheduled days, air conditioning for new delivery cabs, disabling inward-facing delivery vehicle cameras, more full-time positions, and more hours for seasonal part-time workers. O'Brien, general president of the International Brotherhood of Teamsters. "This contract sets a new standard in the labor movement and raises the bar for all workers," O'Brien said in a statement. The company says the pact covers 330,000 employees. Teamsters general president Sean O’Brien said the union made no concession to reach the accord, which he said is worth $30 billion and covers more than 340,000 workers. They also will get a bump of $2.75 more per hour in 2023 and $7.50 per hour over the length of the contract. The deal also increases pay for full-time workers who currently make $42 an hour. Part-time workers currently make a minimum of $16.20 per hour and average $20 an hour after 30 days on the job. Their pay would rise by $2.75 per hour in 2023 and $7.50 per hour over the length of the contract, according to the Teamsters.Įxisting part-time workers would earn at least $21 per hour immediately, and new part-time hires will start at that same rate, according to the union. ![]() The group comprises more than half of the company’s workforce. ![]() Pay for part-time employees had been a big sticking point between the two sides before today's tentative agreement. ![]()
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