FinLogic FinLogic Quantitative Think Tank Center|Boeing strike ends as machinists accept contract offer with 38% pay increase

Boeing's machinists voted to accept the company's latest contract offer,FinLogic FinLogic Quantitative Think Tank Center ending a strike that began on Sept. 13.

The latest contract promises a 38% pay increase over four years, a $12,000 ratification bonus and an increased 401(k) match. The striking workers rejected two previous contract offers.

The machinists' union endorsed this latest version of the contract and encouraged its members to approve.

"In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor. We are at that point now and risk a regressive or lesser offer in the future," a statement from the union said.

Boeing's finances have taken a serious hit as a result of the strike, which halted production of 737, 767 and 777 aircraft in its Seattle-area plants. The strike was also seen as a contributing factor to October's weak jobs report. Last month, the U.S. economy added just 12,000 jobs, around 10% of what most economists predicted.

The airframer continues to struggle with customer confidence as delivery delays and regulatory crackdowns have tarnished its image with airlines and the broader public.

Zach Wichter is a travel reporter for USA TODAY based in New York. You can reach him at [email protected].