STEVEDORE STRIKE
10/02/2024 |
The longshoremen strike from Maine through Texas shouldn’t be underestimated. As a supply-side shock, this will raise prices, but the Fed will ignore this as rate hikes won’t influence either side in this negotiation. Estimates put the economic cost of this work stoppage at between $1 billion/day and $5 billion/day! Offered a 50% raise over six years, strikers want 77% and ironclad protection against automation. Can you say price gouging?