Despite prognosticators suggesting that the International Longshoremen’s Association port strike would lead to an economic calamity, the work stoppage barely lasted three days.

On Thursday night, the striking port workers and the United States Maritime Alliance, which represented the shipping companies, agreed in principle to a deal that would raise the striking workers’ pay by 62% over the next six years. In turn, the union announced that it would cease the strike until Jan. 15 to allow time for a full contract to be negotiated.