10/4/24 Update: Port Workers Agree to End East & Gulf Coast Strike
US dock workers and port operators reached a tentative deal that will immediately end a crippling three-day strike that has shut down shipping on the U.S. East Coast and Gulf Coast, the two sides said Thursday. The tentative agreement is for a wage hike of around 62% over six years, two sources familiar with the matter told Reuters, including a worker on the picket line who heard the announcement. That would raise average wages to about $63 an hour from $39 an hour over the life of the contract.
Logistics Plus still expects delays and congestion due to the three-day shutdown. Please remain patient as our team works to mitigate delays and charges.
JP Morgan analysts have said the strike would cost the U.S. economy around $5 billion daily. The strike affected 36 ports – including New York, Baltimore and Houston – that handle a range of containerized goods. Economists have said the port closures would not initially raise consumer prices because companies had accelerated shipments in recent months of key goods. However, a prolonged stoppage would have eventually filtered through, with food prices likely to react first, according to Morgan Stanley economists.
For more information, please visit https://www.reuters.com/world/us/ship-queue-grows-us-ports-dockworker-strike-enters-third-day-2024-10-03/
