There is an ongoing negotiation between the New Jersey Transit and its rail workers' union this week over wages and benefits. Both sides are trying to reach an agreement before the March 13 deadline where a potential strike looms if negotiations fail.

If the talks between the two parties collapse, the trains will stop, and it will cost New York City $5.9 million per hour.

The talks between the two parties came after eight hours of negotiations in Washington Friday. A federal mediation board was on hand to help the union's 4,200 rail workers and the transport agency break the impasse which has been going on for a month.

If the strike continues, access to New York City by commuters from New Jersey will be shut down. According to an influential business group, NYC would lose untold millions every hour should the strike continue for days and weeks.

An analysis made by Partnerships for New York City showed that the productivity loss would be most noticeable in NYC's dominant financial sector. It can potentially lose millions just for a one-hour delay.

"A transit strike is among the most expensive events that can happen to New York City," said Kathryn Wylde, CEO and President of PNYC. Her organization represents many of the biggest corporations in the city.

Meanwhile, a New Jersey Transit official refused to divulge the details of the negotiations on Sunday. However, Stephen Burkett, 11 rail unions spokesman said at a rally in Woodbridge, N.J. that the one day session was "productive."

"Both sides are moving in the right direction, progressing toward an ultimate agreement," added Burkert.

He offered this comment at a union rally where hundreds of rail workers were joined by New Jersey labor leaders, union supporters from Metro-North Railroad and Long Island Rail Road, and state and federal politicians.