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Union official worries technology could cost longshoremen jobs, but former executive says pride in work would provide security.
Labor Secretary Thomas Perez met both parties accompanied by a mediator from the Federal Mediation and Conciliation Service who has been assisting in the talks since early January.
ILWU, PMA agree to transform arbitration system, labor secretary says.
Marine terminal officials agree that future contracts will require ongoing collaboration.
Maersk Line CEO Soren Skou told American Shipper container lines need to adapt to permanent overcapacity, and cited Maersk's network management as the primary driver of bumper profits in recent years.
Economist revised forecasts, predicting lower import growth and a second year of declines in exports.