Shoppers should brace for rising prices if port workers strike, expert says

Published On Sep 26, 2024, 6:00 AM

A looming strike by dockworkers on the East and Gulf coasts is causing concern among industry experts, who believe it could significantly disrupt the U.S. economy and lead to price increases for consumers, particularly for discretionary items like luxury and recreational goods. The International Longshoremen's Association (ILA), representing 45,000 workers, may cease operations if a new contract isn't secured by October 1. Late deliveries in import goods could lead to shortages, rising prices, and an impact on inflation, particularly during the holiday shopping season. Experts predict that the economic toll could reach around $5 billion for each day the ports remain closed.