• 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

JPMorgan marks 1,000th branch opening since 2018 expansion...

August 1, 2025

Apple crushes Wall Street expectations as iPhone sales...

August 1, 2025

Ontario cancels internet deal with Musk’s Starlink as...

July 31, 2025

Trump ends de minimis exemption for global low-cost...

July 31, 2025

Recall warns some Celsius energy drink cans accidentally...

July 31, 2025

Union Pacific to buy Norfolk in $85 billion...

July 29, 2025

Things are getting better at Boeing under CEO...

July 29, 2025

Elon Musk confirms Tesla has signed a $16.5...

July 28, 2025

Palantir joins list of 20 most valuable U.S....

July 26, 2025

FCC greenlights Paramount’s $8 billion merger with entertainment...

July 25, 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

  • Harris senior spokesman silent on whether he still thinks Liz Cheney is ‘crazy,’ a ‘warlord’

    October 22, 2024
  • Putin lashes out at West over Ukrainian incursion into Russian territory: report

    August 13, 2024
  • Jane Fonda says Harris-Walz ticket is ‘only hope’ to beat ‘orange man’ in campaign call with climate activists

    August 16, 2024
  • The price of Ethereum rose to the $3110 level this morning

    July 10, 2024
  • Gorsuch scolds Supreme Court litigator in rare, heated exchange

    April 29, 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 (5,598)
  • Investing (634)
  • Stock (867)

Latest Posts

  • Foreign policy experts rip Tim Walz’s claim that China has ‘moral authority’ in Middle East conflict

    June 20, 2025
  • AUDUSD and AUDNZD: AUDUSD is gaining support at  EMA 200

    September 2, 2024
  • President Trump to honor Iran strike flight team at the White House

    July 4, 2025

Recent Posts

  • Trump’s Gaza ‘takeover’ rankles America First conservatives, allies suggest negotiator-in-chief is at work

    February 6, 2025
  • Massive Russia sanctions package stalls as Trump pushes for Ukraine peace talks

    June 4, 2025
  • Former Vice President Mike Pence honored by Kennedy family in receiving the JFK ‘Profile in Courage Award’

    May 5, 2025

Editor’s Pick

  • UK Stock Market Today: FTSE 100 and FTSE 250 Indices

    July 23, 2024
  • Trump picks Karoline Leavitt to serve as White House press secretary

    November 16, 2024
  • Trump pushes tax hikes for wealthy as ‘big, beautiful bill’ deadline looms

    May 9, 2025
  • 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