Fourth quarter and full year 1993, Major Collective Bargaining Settlements in Private Industry (Annual) — 1994-01-25

Major collective bargaining settlements reached in private industry during the fourth quarter of 1993 called for annual changes in wage rates 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 since the first quarter of 1992, with the exception of the third quarter of 1992. The Bureau's series on major collective bargaining statistics covers bargaining units of 1,000 or more workers. Fourth-quarter settlements specified wage rate changes averaging an increase of 2.9 percent in the first year of the agreements and 2.0 percent annually over the term of the contracts. (See table 1.) Corresponding changes in agreements they replaced (which were primarily negotiated in 1990) were increases of 3.4 percent and 2.2 percent.