Largest port on U.S. East Coast, New York/New Jersey, begins prepping for what could be first union strike since 1977
Publishing timestamp: 2024-09-19 18:59:43
Summary
Port of New York/New Jersey executives are preparing for a potential complete work stoppage by the International Longshoremen's Association, which represents over 85,000 port workers. The strike could impact a significant percentage of U.S. imports, representing billions of dollars in trade. Logistics firms are preparing contingency plans, and there is uncertainty about progress in negotiations between the ILA and port ownership. The Biden administration has stated it will not invoke the Taft-Hartley Act to force union members back to work. Other ports are also preparing for potential strikes, and there has been an exodus of cargo from East to West Coast in anticipation of the strike. The potential strike could have significant economic impacts and cause congestion in the maritime industry.
Sentiment: MIXED
Tickers: CHRW,
Keywords: u.s. economy, new york, los angeles, world economy, trade, transportation and shipping, shipping, ch robinson worldwide inc, breaking news: economy, business news, labor unions, new jersey, strikes, economy, united states,
Source: https://www.cnbc.com/2024/09/19/largest-port-on-east-coast-begins-preparations-for-a-strike.html