Fourth quarter and full year 1994, Major Collective Bargaining Settlements in Private Industry (Annual) — 1995-01-31

Major collective bargaining settlements reached in private industry during the fourth quarter of 1994 called for annual changes in wage rates and compensation over the contract term that were lower, on average, than were specified in the agreements they replaced, the U.S. Department of Labor's Bureau of Labor Statistics reported today. This relationship has existed for nine consecutive quarters. The Bureau's series on wage changes in major collective bargaining agreements covers bargaining units of 1,000 workers or more, while the data on compensation changes relate to bargaining units of 5,000 workers or more. Fourth-quarter settlements specified wage rate changes averaging an increase of 2.2 percent in the first year of the agreements and 2.5 percent annually over the term of the contracts. (See tables 1 and 2.) Corresponding changes in agreements they replaced (which were primarily negotiated in 1991 and 1992) were increases of 3.4 percent and 3.0 percent.