Dockworkers go on strike at East and Gulf Coast ports
Published On Oct 1, 2024, 12:17 AM
Dockworkers at 36 East and Gulf Coast ports have gone on strike due to failed negotiations for a new contract, marking the first strike for the International Longshoremen's Association (ILA) since 1977. The strike could result in daily economic losses estimated between $3.8 billion and $4.5 billion. The ILA is demanding higher wages and protections against automation, while a recent offer from port employers included substantial wage increases and benefits, which the union rejected. The U.S. economy, which relies heavily on these ports for imports and exports, is likely to see significant disruptions.
Stock Forecasts
XPO
Negative
The strike will likely lead to increased costs for shipping companies and a slowdown in trade operations, affecting companies reliant on these ports for imports and exports. This could negatively impact stocks in logistics and retail sectors due to supply chain disruptions.
Related News
International Longshoremen's Association suspend strike as negotiations continue
Oct 3, 2024, 7:06 PM
The walkout threatened to plunge the holiday shopping season into turmoil and become an issue in next month's presidential election.
Dockworkers' union reaches tentative agreement, will suspend port strike until January
Oct 3, 2024, 7:00 PM
U.S. port operators have proposed a conditional offer of a 62% wage increase to dock workers to end a strike and get back to work, FOX Business has learned.
Dockworkers' union suspend strike until Jan. 15 to allow time to negotiate new contract
Oct 3, 2024, 6:40 PM
The union representing 45,000 striking U.S. dockworkers at East and Gulf coast ports has reached a deal to suspend a three-day strike until Jan. 15 to provide time to negotiate a new contract. The union, the International Longshoremen’s Association, is to resume working immediately.