The Boeing Company and the International Association of Machinists and Aerospace Workers union agreed to a new contract to officially end the 7-week strike.

SEATTLE (AP) — Unionized machinists at Boeing voted Monday to accept a contract offer and end their strike after more than seven weeks, clearing the way for the aerospace giant to resume production of its bestselling airliner and generate much-needed cash.

Boeing's strike that began in mid-September "has ended" after 59% of workers voted on Monday night to ratify a new contract, the union announced at midnight. Why it matters: The walkout of thousands of machinists crippled Boeing's production in a year when the aerospace giant's reputation was already wounded amid high-profile quality and safety issues.

The union representing tens of thousands of striking Boeing machinists has endorsed the U.S. aerospace company's latest contract proposal.

Seattle — Unionized machinists at Boeing voted Monday to accept a contract offer and end their strike after more than seven weeks, clearing the way for the aerospace giant to resume production of its bestselling airliner and generate much-needed cash.

Pressure is mounting as Boeing machinists vote on the company's latest contract offer that received a unanimous endorsement from union leaders.

Approval of the deal with 38 percent raises over four years is a key step toward recovery after Boeing suffered billions in losses from the work stoppages and safety problems.

Boeing machinists have ended their weeks-long strike, amid signs that the work stoppage had begun denting U.S. jobs numbers — and just a day before the country votes for its next president. After rejecting a previous contract offer,

The contract promises a 38% pay increase over four years and an increased 401(k) match. The striking workers rejected two previous contract offers.