VZ Verizon Communications Inc

By Ezequiel Minaya 

Verizon Communications Inc. on Friday said its labor unions' rank-and-file employees have approved new contracts tentatively agreed to by negotiators in May.

Union leaders from the Communications Workers of America and the International Brotherhood of Electrical Workers told Verizon the contracts, which cover some 36,000 employees, have been ratified, Verizon said.

"The terms are good for our employees, good for our customers and good for our business," said Marc Reed, Verizon's chief administrative officer.

The contracts, which run through Aug. 3, 2019, go into effect immediately, Verizon said.

In May, the two sides agreed to terms through a mediation led by U.S. Labor Secretary Thomas Perez, putting an end to a strike that began April 13 and involved employees primarily in Verizon's landline division.

The strike contributed to the weakest monthly gain in more than five years for the U.S. job market. The May payrolls tally was depressed by the temporarily idled 35,100 Verizon workers during the Labor Department's survey period. With those workers back at work, a rebound is expected in the June jobs report.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

(END) Dow Jones Newswires

June 17, 2016 17:01 ET (21:01 GMT)

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