Boeing and the labor union representing nearly 33,000 striking members have reached a tentative deal, potentially ending a five-week strike that is costing the aircraft manufacturer an estimated $1 billion a month.

The latest proposal includes a 35% general wage increase over four years — bringing it closer to the union's original ask for 40%. Boeing previously offered a 25% raise over the life of the contract.

Jet maker and machinists union reach tentative deal, including 35% wage increase, to end strike that halted most of the company’s production