The New York Times on Nostr: A Looming East Coast Port Strike Could Shake the Economy ========== Dockworkers on ...
A Looming East Coast Port Strike Could Shake the Economy
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Dockworkers on the East and Gulf Coasts threaten to strike on Oct. 1, 2024, if a new contract isn't reached; businesses are accelerating imports and redirecting cargo to West Coast ports; JPMorgan estimates a strike could cost the economy $5 billion a day, about 6% of GDP; 15% of goods for the National Tree Company could be stranded; over half of imported apparel comes through East Coast ports; the last strike across these ports was in 1977; East and Gulf Coast longshoremen earn $39/hour, while inflation has risen 24% since their last contract; I.L.A. seeks a $5/hour increase, while management offers $2.50; West Coast ports are currently handling increased volumes without major backlogs; shipping costs from West to East Coast can reach $6,000 per container.
#PortStrike #Economy #Dockworkers #Shipping #LaborNegotiations #BidenAdministration #Inflation #SupplyChain #Imports #Exports
https://www.nytimes.com/2024/09/24/business/economy/port-strike-economy.html
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Dockworkers on the East and Gulf Coasts threaten to strike on Oct. 1, 2024, if a new contract isn't reached; businesses are accelerating imports and redirecting cargo to West Coast ports; JPMorgan estimates a strike could cost the economy $5 billion a day, about 6% of GDP; 15% of goods for the National Tree Company could be stranded; over half of imported apparel comes through East Coast ports; the last strike across these ports was in 1977; East and Gulf Coast longshoremen earn $39/hour, while inflation has risen 24% since their last contract; I.L.A. seeks a $5/hour increase, while management offers $2.50; West Coast ports are currently handling increased volumes without major backlogs; shipping costs from West to East Coast can reach $6,000 per container.
#PortStrike #Economy #Dockworkers #Shipping #LaborNegotiations #BidenAdministration #Inflation #SupplyChain #Imports #Exports
https://www.nytimes.com/2024/09/24/business/economy/port-strike-economy.html