Clerical workers at the Southern California ports of Los Angeles and Long Beach have agreed to end an eight-day strike that affected about $1 billion of trade a day, Bloomberg reported Wednesday.
Workers and management reached a tentative agreement on a new contract, according to a statement late Tuesday night by the International Longshore and Warehouse Union. The agreement was reached after a federal mediator stepped in late Tuesday, Bloomberg said.
The two ports, which together handle about a third of U.S. container imports, closed 10 of 14 cargo terminals, stranding shipments as the year-end holidays approached, Bloomberg reported.
The strike cost the local economy “billions of dollars,” Los Angeles Mayor Antonio Villaraigosa said in a statement.