Dockworkers manning the ports spanning from Maine to Texas have approved a new six-year labor agreement. According to Associated Press reporting, the yes vote "averted the threat of a strike that could have crippled the economy."

The contract calls for a 62 percent increase in pay over the next six years. The move would raise hourly wages at the top of the union pay scale from $39/hour to $63/hour.

In addition to pay, the new agreement offers dockworkers protection, specifically from the automation of jobs. According to the new contract, ports are able to introduce modernizing technology, but they also must simultaneously hire new works — full automation is not permitted.

The approved contract is protection from labor strikes and prolonged shutdowns of 14 ports, which would have delayed shipments to factories and retailers, as well as driven up costs.

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