Expected Longshoreman Strike Could Be Another Blow to the Economy
ThinkstockJust a few days ago, the possibility of a strike of longshoreman at major East Coast and Gulf ports was nowhere in the news. Now the chance of a work stoppage has been called nothing short of another potential catastrophe…
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Just a few days ago, the possibility of a strike of longshoreman at major East Coast and Gulf ports was nowhere in the news. Now the chance of a work stoppage has been called nothing short of another potential catastrophe for the economy.
According to The Wall Street Journal:
Port authorities along the coast, which aren’t part of the negotiations but would be effectively shut down by a strike, are bracing for a walkout by 14,650 longshoremen.
“It looks pretty likely at this point,” said Curtis Foltz, executive director of the Georgia Ports Authority in Savannah. He said Georgia’s ports would lose as much as 80% of their traffic if the strike goes ahead. “Everyone in the industry is very disappointed to be at the point where we are today,” he said.
Douglas A. McIntyre
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Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
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