Second quarter 1994, Major Collective Bargaining Settlements in Private Industry (Annual) — 1994-07-26

Major collective bargaining settlements reached in private industry during the second quarter of 1994 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. With the exception of the third quarter of 1992, this relationship has existed since the first quarter of 1992. The Bureau's series on major collective bargaining statistics covers bargaining units of 1,000 or more workers. Settlements in the second quarter of 1994 specified wage rate changes averaging an increase of 2.3 percent in the first year of the agreements and 2.4 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) were increases of 2.9 percent and 3.0 percent.