Dockworkers at East and Gulf Coast Ports Plan to Strike on October 1, Potential $5 Billion/Day Hit

Sep 26, 2024, 04:24 PM

Thousands of dockworkers at major East Coast and Gulf ports are preparing to strike on October 1, potentially causing significant disruptions to the U.S. economy. The International Longshoremen's Association, representing 45,000 workers, is threatening the strike due to stalled contract negotiations with the United States Maritime Alliance. The strike could impact major ports in New York, New Jersey, Virginia, Georgia, Texas, Houston, and Savannah, handling roughly half of the nation's cargo from ships. JPMorgan estimates the economic hit could be $5 billion per day. U.S. ports are extending delivery hours to clear cargo ahead of the potential strike, while businesses are scrambling to import goods earlier and reroute shipments to the West Coast. The Biden-Harris administration is being urged by various industry groups to intervene and prevent the strike. The last strike by the union at these ports occurred in 1977 and lasted two and a half months.