In a brief statement, the National Carriers’ Conference Committee, which represents the country’s freight railroads in national collective bargaining negotiations, said it was “disappointed” with the decision.

Rejecting the tentative agreement sets in motion a “status quo” period in which the union will resume negotiations with large freight carriers.

The Associated Press reported that the union will delay any strike until five days after Congress reconvenes in mid-November to allow time for additional negotiations.

Nearly two decades ago, companies used to spend around 80 percent of their revenues on running trains and covering operating expenses like payroll, fuel and maintenance. The remaining 20 percent could then be used for stock dividends and buybacks for shareholders. Today that operating ratio is much closer to 60 percent. Since 2010, rail companies have spent $196 billion in stock dividends and buybacks for shareholders. Pursuing these financial goals has actively surrendered railroads’ market share to trucks, delayed trains and angered both unions and customers. It’s not sustainable.

Ten years ago, railroading was a middle-class job where workers might not get typical weekends, but they could at least get some equivalent time off. With new attendance policies, conductors and engineers would be disciplined for activities such as visiting the doctor or attending a funeral. Effectively, for these workers, a weekend or an eight-hour workday does not exist.