ILA union longshoremen at East Coast, Gulf Coast ports walk off the job after ownership and labor failed to reach a deal in a blow to the U.S. economy.
Approximately 50,000 ILA union longshoremen were walking off the job at East Coast and Gulf Coast ports from New England to Texas starting at 12:01 a.m. ET on Tuesday after failing to reach an agreement with ports ownership on a new contract, the union's first strike since 1977.
ILA longshoremen currently receive royalties based on how much tonnage they process in a year at their port.for days if not at least a week are Boston; New York/New Jersey; Philadelphia; Wilmington, North Carolina; Baltimore; Norfolk, Virginia; Charleston, South Carolina; Savannah, Georgia; Jacksonville, Florida; Tampa, Florida; Miami; New Orleans; Mobile, Alabama; and Houston.
Shana Wray, principal solutions architect for supply chain intelligence firm FourKites, tells CNBC the strike comes at the worst possible time, with its impact on supply chain congestion to exacerbate the devastation left behind from Hurricane Helene. The most significant issues would be faced by the food and automobile industries, Kamins said, as they rely especially heavily on the ports that will be shut down. Whileeven with a longer strike, even a modest reacceleration could create uncertainty and force the Federal Reserve to be more cautious about lowering interest rates, which would weigh on the overall outlook for job growth and investment., and cause supply chain slowdowns through mid-November.
Steve Lamar, CEO of the American Apparel & Footwear Association, said these ports are critical for the retailing industry. In 2023, the East and Gulf coast ports accounted for 53% of all U.S. apparel, footwear and accessories imports, he said, amounting to more than $92 billion in value."The clock is ticking away," said Lamar.
Shipping containers sit stacked in the Port of Newark on September 30, 2024 seen from New York City. A massive strike shutting down ports across the East and Gulf coasts began at midnight as members of the International Longshoremen’s Association continue to make salary and other demands to the United States Maritime Alliance, which controls many of the ports across the country.The National Retail Federation has said items on the vessels en route for Oct.
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