Marathon Pundit: Another threat to the economy: A longshoremen's strike

Thursday, December 27, 2012

Another threat to the economy: A longshoremen's strike

The fiscal cliff poses one threat to the economy. A possible longshoremen union strike is another.

From CNBC:

This week's announcement that the International Longshoremen's Association and the U.S. Maritime Alliance will go back to the negotiation table to avert a longshoreman's strike that would close 15 ports from Massachusetts to Texas may have retailers and manufacturers cautiously optimistic about a deal, but details about when and where that meeting will be are being kept close to the vest.

If no agreement is reached, 4,500 workers at the 15 ports along the East Coast—including the 4,000 dockworkers in New York and New Jersey— could walk off the job on December 30th. The last time there was an East Coast longshoremen's strike was in 1977.