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Will the US inflation rate increase in October 2024 due to the dockworkers' strike?
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Resolution / Starting Odds
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US Bureau of Labor Statistics
Story
Dockworkers at 36 Ports Strike Over Wages, First Since 1977, Halting East Coast Shipping
Oct 1, 2024, 01:25 PM
Dockworkers at 36 ports from Maine to Texas began a strike early Tuesday, marking their first such action since 1977. Tens of thousands of longshoremen rejected an 11th-hour offer to boost wages, initiating a work stoppage over wages and automation that effectively halts shipping along the entire eastern seaboard and the Gulf of Mexico. Baltimore dockworkers are among those joining the picket lines. The President of the dockworkers union has issued a stark warning about the impact of the strike, indicating that in the first week the media will begin discussing their demands, and by the second week, industries such as car sales will be affected due to halted imports. The strike could disrupt supply chains, leading to shortages and higher prices if it continues for more than a few weeks, and it could potentially reignite inflation and have a ripple effect on the economy.
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