A strike on the East Coast’s ports is creating a significant risk to the U.S. economy and supply chains that grows with every day that passes.
A strike on the East Coast’s ports is creating a significant risk to the U.S. economy and supply chains that grows with every day that passes without a resolution, threatening to create damage to what is otherwise a healthy economy heading into Election Day.early Tuesday in negotiations over an increase in wages and protections from automation that would threaten jobs after a contract between the ports and some 45,000 members of the International Longshoremen’s Association expired.
“Eventually you would see manufacturing shut down and you would see wide swaths of the economy that would be impacted,” said Kevin Ketels, assistant professor of teaching in global supply chain management at Wayne State University. “If this lasts few days, I think it will be OK, but if it goes into weeks and it extends out, then it could have a devastating impact on the economy.”
About 60% of products shipped into the United States come through the ports that are on strike, bringing the potential to cause backlogs in wide swaths of the economy. The strike has shut down the main artery for delivery of all sorts of products like food, vehicles, heavy machinery, construction materials, chemicals and furniture., especially for perishable goods like fruits and vegetables, that is cutting into profits or being passed on in price increases that can trickle down to consumers.
Strike Economy Supply Chains Wages International Longshoremen’S Association Inflation Exports
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