As expected, the union representing 45,000 U.S. dockworkers walked off the job at midnight, in a strike that will likely shut down ports across the East and Gulf coasts. That’s according to The Associated Press. The International Longshoremen’s Association and the United States Maritime Alliance, which represents the ports, were unable to come to an agreement on contract terms. WRCR market analyst Connor Mahoney of Mahoney Asset Management in Chestnut Ridge says if the strike goes on for an extended time, it could be disastrous for the economy…
The AP reports an extended work stoppage will likely force businesses to pay shippers for delays and create delays in the shipment of goods just as the peak holiday shopping season approaches, potentially affecting things like toys, artificial Christmas trees, cars, and food. The strike was the union’s first since 1977. The union says they’ll be on the picket lines as long as it takes to get a fair contract.