With a provisional settlement Thursday on the pay component of a multi-year contract between East Coast port operators and dockworkers, the U.S. dodged a bullet — although once closer to a

The union representing 45,000 striking U.S. dockworkers at East and Gulf coast ports says it has reached a deal to suspend their strike until January to provide time to negotiate a new contract. Anne Gaviola has this story and more in Business Matters for Oct.

The recent strike came after the expiration of a contract between the union and the ports, which forced thousands of workers to walk off the job.

It took only three days for one side to blink and the potentially crippling strike at the United States’ East and Gulf Coast ports to come to an end, with likely only limited damage to America’s economy.

U.S. ports reopened after dockworkers agreed to return to work, ending a three-day strike that threatened to disrupt the American economy just weeks ahead of the presidential election. The breakthrough Thursday came after port employers offered a 62% increase in wages over six years,

The International Longshoremen’s Association (ILA) union and the U.S. Maritime Alliance (USMX), an association of companies that operate East and Gulf Coast ports, reached a tentative agreement Thursday to end a two-day strike.