Fourth quarter and full year 1995, Major Collective Bargaining Settlements in Private Industry (Quarterly) — 1996-02-16

Major collective bargaining settlements reached in private industry during the fourth quarter of 1995 called for annual changes in wage rates over the contract term that were lower, on average, than those specified in the agreements they replaced, the U.S. Department of Labor's Bureau of Labor Statistics reported today. Average annual wage changes have been lower in current settlements compared with replaced contracts for 13 consecutive quarters. The Bureau's series on major collective bargaining statistics covers bargaining units of 1,000 or more workers. Settlements in the fourth quarter of 1995 specified wage rate changes averaging an increase of 1.8 percent in their first year and 2.3 percent annually over their contract term. (See tables 1 and 2.) Corresponding changes in agreements they replaced (which were primarily negotiated in 1992) were increases of 2.3 percent and 2.7 percent. Lump-sum payments and cost-of-living adjustments (COLAs) are not included in specified wage rate changes.