An East Coast Port Strike Could Shake the Economy
Published On Sep 24, 2024, 5:05 AM
Dockworkers on the East and Gulf Coasts are on the verge of a strike set to begin on Oct. 1 if contract negotiations fail, which is prompting businesses to accelerate imports and redirect shipping to avoid disruptions. A strike could cost the economy around $5 billion a day and create significant backlogs. There are concerns that even a short strike will impact supply chains, particularly ahead of the holiday season, as some companies are already facing delays in getting goods to market.
Stock Forecasts
UPS
Positive
On the other hand, companies that utilize alternative shipping routes or those based on the West Coast may navigate these disruptions better and could see a positive outlook.
Related News
US port strike ends leaving huge cargo backlog to be cleared
Oct 4, 2024, 2:02 AM
(Reuters) -U.S. East Coast and Gulf Coast ports began reopening on Thursday night after dockworkers and port operators reached a wage deal to settle the industry's biggest work stoppage in nearly half a century, but clearing the cargo backlog will take time. The International Longshoremen's Association (ILA) workers union and United States Maritime Alliance (USMX) port operators announced the deal and an immediate end to the strike late on Thursday. Shares in shipping companies in Asia fell heavily across Asia.
Vice President Harris says tentative dockworker agreement 'indicates progress toward strong contract'
Oct 4, 2024, 3:53 AM
Dockworkers are returning to work on Friday after reaching a tentative agreement and Vice President Harris says, "this indicates progress towards a strong contract."
Port strike union leader Harold Daggett: What to know
Oct 1, 2024, 7:42 PM
What to know about International Longshorman's Association President Harold Daggert, the union's chief negotiator as dockworkers strike at ports across the U.S.