• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

East and Gulf coast ports shut down as thousands of workers go on strike

by October 2, 2024
written by October 2, 2024

Tens of thousands of longshoremen went on strike at midnight ET, shutting down major ports along the East and Gulf coasts and choking off deliveries of everything from produce to auto parts.

Consumers aren’t likely to feel the pinch unless a walkout lasts for multiple weeks, because businesses and logistics firms took pre-emptive steps to blunt the impact with the holiday shopping season about to kick off. But a work stoppage could still cost the U.S. economy anywhere from several hundred million dollars to $4.5 billion a day, analysts and business groups say. Costs from redirecting goods along longer routes would be passed on to consumers.

The ports handle about half the ocean imports in the U.S. Varying estimates say the strike encompasses 25,000 to 50,000 members of the International Longshoremen’s Association. All told, the ILA has 85,000 members. Union leaders argue that big global cargo carriers have raked in huge profits since pandemic-era supply-chain snags drove up freight rates, saying workers haven’t sufficiently shared in those gains.

In a video posted to an ILA Instagram account, Harold J. Daggett addressed union workers at Maher Terminals in Elizabeth, New Jersey.

‘This is going down in history what we’re doing here,’ he said.

‘They can’t survive too long,’ he added.

The strike caps months of heated rhetoric between the union and the United States Maritime Alliance, or USMX, which represents major ocean freight and port operators. The union is seeking raises, as well as limits on automation at ports that it says could cost jobs. The two sides hadn’t negotiated in the days leading up to the potential stoppage.

“The Ocean Carriers represented by USMX want to enjoy rich billion-dollar profits that they are making in 2024, while they offer ILA Longshore Workers an unacceptable wage package that we reject,” the union said in a statement Monday.

The USMX, meanwhile, said that it had been exchanging offers with the union and had hoped to avoid a work stoppage. 

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Microsoft’s mammoth AI bet will lead to over $100 billion in data center leases
next post
Judge unseals key filing in special counsel’s election case against Trump

related articles

YouTube to pay $24 million to settle Trump...

October 1, 2025

Charlie Javice sentenced to 7 years in prison...

October 1, 2025

Video game maker Electronic Arts to be acquired...

October 1, 2025

Nearly 200,000 BMWs recalled over potential fire risk

September 30, 2025

Trump says U.S. will impose new tariffs on...

September 29, 2025

Former Fed chairs warn that removing Lisa Cook...

September 27, 2025

Amazon to pay $2.5 billion to settle FTC...

September 27, 2025

The charm of watching movies in theaters is...

September 25, 2025

Ben & Jerry’s co-founder resigns, claiming parent company...

September 18, 2025

LimeWire acquires Fyre Festival, asking ‘What Could Possibly...

September 17, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • RVSN Stock: Innovation Amid Financial Struggles

    August 8, 2024
  • OpenAI considering 16 states for data center campuses as part of Trump’s Stargate project

    February 7, 2025
  • DOJ sues four blue states over ‘unconstitutional’ climate laws threatening US energy security

    May 2, 2025
  • Trump administration cutting 90% of USAID foreign aid contracts, documents show

    February 27, 2025
  • FBI nominee Kash Patel advances to final Senate confirmation vote

    February 20, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (6,247)
  • Investing (634)
  • Stock (935)

Latest Posts

  • ‘Legacy of incompetence’: Comer unveils wide-ranging hearing on Biden-Harris ‘failed record’

    September 12, 2024
  • White House highlights Pelosi hypocrisy after Schiff demands Trump admin financial, ethics docs

    June 5, 2025
  • AI arms race: US and China weaponize drones, code and biotech for the next great war

    July 23, 2025

Recent Posts

  • Trump campaign blasts Pelosi as ‘corrupt’ and ‘decrepit’ after she claims Trump’s brain is ‘deteriorating’

    November 4, 2024
  • The dollar index could continue to retreat below 104.00

    July 15, 2024
  • Trump foe Boasberg to grill DOJ over migrant flights in heated hearing

    July 24, 2025

Editor’s Pick

  • GOP senators push for Kamala Harris’ testimony as House Oversight eyes subpoena

    August 24, 2025
  • Robinhood app says SEC dismissed crypto investigation in sign of easier industry regulation

    February 24, 2025
  • Pelosi addresses whether there’s ‘way back’ to Biden friendship after Dem pressure campaign to drop out

    August 11, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock