Consumer Price Index (CPI) reports from the U.S. Bureau of Labor Statistics (BLS)

45,000 Dockworkers Strike at East and Gulf Coast Ports, Costing Economy $3.8 to $5 Billion Daily

Oct 1, 2024, 05:01 AM

Dockworkers on the U.S. East and Gulf Coasts have gone on strike, halting operations at 36 ports from Maine to Texas. The strike, involving approximately 45,000 workers, began at midnight after last-minute negotiations failed to secure a new labor contract. This is the first strike in nearly 50 years for the International Longshoremen's Association. The work stoppage is expected to cost the U.S. economy between $3.8 billion and $5 billion per day, according to estimates from J.P. Morgan. The strike could disrupt supply chains, increase consumer prices, and potentially stoke inflation, especially ahead of the holiday shopping season. The union is demanding higher wages and protections against automation. The strike impacts about half of all U.S. imports and exports.