Simone Del Rosario: It is time “to lock in these gains and confidently declare victory.” That’s what Boeing machinists’ union told its striking members after getting the latest contract offer from the company. 

Thirty-three thousand machinists have been on strike for seven weeks, fighting for better pay and retirement benefits. The strike is costing Boeing $1 billion for every month they’re off the job, just the tip of the iceberg when it comes to Boeing’s financial troubles. 

The latest contract offer is a big step up from where the company started. Terms include a 38% pay raise over four years, just shy of the 40% union members demanded and much higher than the 25% the company started at. It also quadruples the ratification bonus to $12,000 and comes with a strong 401(k) company match.

The offer notably leaves off what it appeared machinists wanted most, the return of pensions. But the union is endorsing and recommending the latest offer after seven weeks off the job. 

District 751 of the International Association of Machinists says, “In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor. We are at that point now and risk a regressive or lesser offer in the future.”

A week ago, 64% of union members rejected Boeing’s offer of 35% raises, despite union negotiators saying the offer was “worthy of [their] consideration.” 

Now, with a new contract in front of them, striking machinists are still casting doubt on the latest deal days before casting their vote.

Striking worker: They’re going to get a no vote from me. They’ve used legal mumbo jumbo and to re explain it, but no, it’s the same offer as last time, up slightly.

Striking worker: The ones that understand that they’re underwater in their wages already, they’re going to hold out, because in four years, we’re going to be at this again.

Alicia Modestino: When you think about what’s been going on at Boeing with issues of quality, with issues of ignoring employee reports of whistleblowing around those quality issues, I think that those workers have an outsized amount of bargaining power in this very instance, in this moment. 

Simone Del Rosario: Workers will vote on the latest contract offer all day Monday, the day before the presidential election. 

The impact of the strike is showing up in national economic data ahead of the country casting votes on Tuesday. The U.S. economy recorded adding just 12,000 jobs in October, about 100,000 jobs below estimates. Strikes and two hurricanes dragged down the results.