What a looming disastrous dock strike would mean for the nation

[mystery-ak]

What a looming disastrous dock strike would mean for the nation
By
Zach Halaschak
September 28, 2024 8:00 am
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It is growing ever more likely that tens of thousands of dockworkers in contract negotiations will soon go on strike, snarling up supply chains and costing billions of dollars just weeks before the election.

A work stoppage at major East Coast and Gulf Coast ports may begin as soon as Oct. 1 if the U.S. Maritime Alliance doesn’t reach an agreement with the International Longshoremen’s Association. The existing contract expires on Sept. 30.

The nation’s ports are throttle points for the economy, and strikes can choke off imports and exports costing hundreds of billions of dollars.

Negotiations and the possibility of a strike have big political implications so soon before voters go to polling places to vote in the presidential election that pits Vice President Kamala Harris, who hopes to rally unions behind her, against former President Donald Trump, who has growing blue-collar support and has also been pushing for union backing.

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https://www.washingtonexaminer.com/in_focus/3166460/port-strike-disaster-dockworkers-what-is-at-play/

[mystery-ak]

 Updated September 28, 2024 5:59am EDT
Attention shoppers: Brace for empty shelves, rising prices if port workers strike, expert says
Discretionary items like luxury and recreational goods will be most affected, according to an industry expert

By Daniella Genovese FOXBusiness

Dockworkers along the East and Gulf coasts have pledged to strike unless a new contract is reached by October, prompting experts to warn higher prices and empty shelves could await consumers.

In fact, some experts say prices could rise before year's end, impacting goods during the critical holiday season. The dire situation arose just as consumers were beginning to experience some relief from inflation.

The International Longshoremen's Association (ILA) is negotiating on behalf of 45,000 dockworkers at three dozen U.S. ports from Maine to Texas that collectively handle about half of the country's seaborne imports. It warned its members are prepared to stop work if they don't have a new contract by the Oct. 1 deadline.

The Retail Industry Leaders Association (RILA) said in a statement that "retailers view this strike and its imminent disruption as a self-inflicted wound to the U.S. economy."

JPMorgan estimated that for each day the ports are shut down, it will take roughly six days to clear the backlog. Analysts pegged the economic impact of a strike to about $5 billion per day, according to a research note published earlier this month.

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https://www.foxbusiness.com/lifestyle/shoppers-should-brace-rising-prices-port-workers-strike-expert-says

[mystery-ak]

Inflation will worsen the longer dockworker strike keeps ports closed
By
Zach Halaschak
October 3, 2024 6:00 am
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The historic dockworker strike that began this week risks reigniting inflation — with the situation becoming worse the longer the work stoppage lasts.

On Tuesday, tens of thousands of members of the International Longshoremen’s Association at ports from Maine to Texas began striking after their six-year contract with the U.S. Maritime Alliance lapsed. Workers at three dozen East Coast and Gulf Coast ports are now on strike, stopping ships from unloading goods and putting pressure on the country’s supply chains.

The work stoppage comes at a precarious time for the economy. The Federal Reserve has worked desperately to tamp down the worst wave of inflation the U.S. has experienced since the late 1970s. In recent months, it has succeeded in bringing inflation back down toward its 2% target.

But that progress could be undone if supply is significantly constrained by a long strike.

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https://www.washingtonexaminer.com/policy/finance-and-economy/3175226/inflation-will-worsen-longer-dockworker-strike-keeps-ports-closed/

[mystery-ak]

 Updated October 2, 2024 8:06am EDT
Prolonged port strike could shake up the oil and gas industry, experts say
If union dockworker strike impacting US ports is not resolved quickly, its impact could be felt in the energy sector

   Breck Dumas
By Breck Dumas FOXBusiness

The union dockworkers strike that began early Tuesday impacting dozens of U.S. ports is not expected to disrupt the oil and gas industry right away, but experts say that will eventually change if the work stoppage lasts long enough.

The Department of Energy (DOE) issued a statement after the strike began saying the shutdown of the 36 East and Gulf Coast ports "will not impact crude oil, gasoline, natural gas, and other liquid fuel exports and imports, as such operations are handled by other workers. Therefore, the strike will not have any immediate impact on fuel supplies or prices."

In response to the DOE's statement, oil and gas expert Adam Ferrari, CEO of Phoenix Capital Group, told FOX Business, "While you can say there might not be an ‘immediate’ impact, there is still the consideration of the overall economic hit the U.S. will take across all industries, including the oil and gas industry."

Ferrari noted that the East and Gulf Coast ports are responsible for approximately half of U.S. container imports. So if the strike heightens, he says, it is possible that the entire supply chain is affected.

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https://www.foxbusiness.com/economy/prolonged-port-strike-could-shake-up-oil-gas-industry-experts-say