Bloomberg Law has analyzed the labor trends in 2023 and concluded Union Won Sky-High Raises!
Collective bargaining can be added to the list of areas in which US unions scaled new heights in 2023, along with organizing and striking.
Union contracts negotiated in 2023 gave workers an average first-year wage increase of 6.6%, the highest average pay raise for any year since Bloomberg Law began tracking union wage settlements in 1988.
With signing bonuses and other lump-sum payments added to the calculations, 2023’s average first-year wage increase was 7.3%, also a record high, according to Bloomberg Law’s latest Quarterly Union Wage Data report.
(image via Clipart Library)
