Port strike incites panic buying as consumers feared supply chain issues

Published On Oct 4, 2024, 6:00 AM

A recent port strike initiated by the International Longshoremen's Association (ILA) caused panic buying among consumers fearing supply shortages. The strike, which lasted three days, affected several ports handling approximately half of the U.S. seaborne imports. However, a tentative agreement has been reached, extending the existing contract until January 15, 2025, which includes a proposed 62% wage increase for dockworkers. Major retailers like Walmart and CVS reported increased demand for certain products, notably toilet paper, as consumers reacted to fears of scarcity. Experts note that these behaviors are often driven by irrational fears rather than actual supply issues.