It pays to be a union member.
“Unionized workers in the US saw record raises, while nonunion workers’ pay barely beat inflation over the past 12 months, the latest government data show.
Wages of private sector union workers rose 6.3% in the year ended in March, the largest increase in data back to 2001, according to Bureau of Labor Statistics employment cost figures released Tuesday.
Meanwhile, nonunion workers in the private sector saw a 4.1% bump in their salaries over the past 12 months, not much higher than inflation.
Union leaders have led strikes against firms to push for more cost-of-living increases. Last week, a last-minute wage agreement was reached with Daimler Truck Holding AG in three southern US states to avert a strike. The accord includes pay increases of more than 25% over the next four years.
Earlier this month, workers at Volkswagen AG in Tennessee voted to join the United Auto Workers, a landmark victory for union organizing in the long-hostile South, after labor groups scored wins at Ford Motor Co., General Motors Co. and Stellantis NV.”
For the rest of the story, visit Bloomberg here.