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☆ The US port strike isn't just hitting imports. America's farmers could be hurt, too.
▼ + stars: | 2024-10-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The US port strike on the East and Gulf Coasts could threaten farm exports amid harvest season. AdvertisementThe US port strike at East and Gulf Coast ports isn't just impacting bananas and consumer imports into the country — it could hurt America's farm exports too. Seyfert told Politico on Friday that while some farm exports can be moved to the West Coast for shipping, there's probably not enough capacity there. "A prolonged strike would force importers to seek alternative supplies, either from West Coast ports or other countries," wrote Glauber. AdvertisementLogistics experts told Business Insider's Tim Paradis that the port strike could damage the US economy badly.

Persons: Joe Biden, —, Mike Seyfert, Seyfert, Joseph Glauber, Tim Paradis, Biden Organizations: Association, Service, White, Politico, Food Policy Research Institute, Logistics, United States Maritime Alliance, International Longshoremen's Association Locations: Gulf, East, Gulf Coast, West Coast, Mexico

☆ Crude oil jumps nearly 3% as Israel vows 'painful' response to Iran missile attack
▼ + stars: | 2024-10-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil rose nearly 3% on Wednesday as traders fear Israel could target Iran's oil infrastructure in retaliation for a ballistic missile attack. Israel's ambassador to the United Nations, Danny Danon, vowed late Tuesday that Israel will exact a "painful" response against Iran. Danon's threat came hours after the Islamic Republic launched around 180 ballistic missiles at Israel in retaliation for the assassination of top Hamas and Hezbollah leaders. Israel might take aim at Iran's oil industry to hit Tehran's income and degrade its ability wage war, they said. OPEC+ is planning to increase oil production in December, and U.S. output has been set records.

Persons: Danny Danon, Piper Sandler, Goldman Sachs, Yulia Zhestkova Grigsby Organizations: United Nations, Islamic Locations: Israel, Iran, Islamic Republic, Persian, China

☆ Fears of automation are at the heart of the dockworkers strike
▼ + stars: | 2024-10-02 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +5 min

Automation is a core issue at play in the ongoing dockworker strike at Eastern US ports. AdvertisementStriking dockworkers at US ports say they're worried that jobs could plummet as shipping companies increasingly turn to automation. Picketing workers gathered at ports in New York and Miami carrying signs reading "Machines don't feed families" and "Fight automation, Save jobs." AdvertisementThe union's objection to the way shipping companies are using automation now is a key sticking point in the negotiations for a new labor contract. The move eventually contributed to the ILA earning the unusual distinction of being a labor union being named in an unfair labor practices complaint filed by management.

Persons: —, USMX, Harold Daggett, Jesus Olarte, Daggett, it's, Stephen Edwards, Dominick Organizations: Service, International Longshoremen's Association, US Maritime Alliance, Business, Port, Getty, Maersk, APM, New York Times, ILA Locations: Eastern, New York, Miami, East Coast, Anadolu, Mobile , Alabama, Port of Virginia, Norfolk, Baltimore

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Persons: Cardholders, cardholders, they've, Nordstrom, Wells, You'll, Sephora, it's, Ariana Arghandewal Ariana Arghandewal, Ariana, Guy, Education Ariana, ExperienceExpertiseEducation Read Organizations: Business Insider, U.S . Bank, Card, Bank, Citi, Amazon, Visa, Foods, Chase Travel, American, American Express, U.S, Apple, . Bank, Best, EV, Costco, Bank of America, The Bank of America, Disney, Chase, Hulu, ESPN, Home Depot, Depot, Nordstrom, Nordy Club, Navy, Old Navy, Wells, PayPal, Mastercard, Target, Privileges, JetBlue, Wyndham Rewards, Walgreens, Walgreens Mastercard, Citibank, Business, Bankrate, CNBC, CNN, Forbes, Lonely, NBC, Traveler University, CardCon, Chicago, Expertise, Education, University of Southern Locations: Nordstrom, Banana Republic, Old, Sephora, Target, Ulta, Chevron, University of Southern California

☆ Dollar firm as war widens in Middle East
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: +2 min

The dollar held its sharpest gain in a week on Wednesday after an Iranian missile attack on Israel drove buying of safe assets as investors fretted about the widening of conflict in the Middle East. The dollar held its sharpest gain in a week on Wednesday after an Iranian missile attack on Israel drove buying of safe assets as investors fretted about the widening of conflict in the Middle East. The bid for safety kept the yen broadly steady at 143.45 per dollar and the Swiss franc at 0.8463 per dollar. The New Zealand dollar was nursing a 1.1% overnight fall at $0.6283 and oil prices had jumped 2.5%. Westpac strategist Imre Speizer said the Middle East was unpredictable but that in the absence of escalation market sentiment could recover and focus return to economics.

Persons: Sterling, Imre Speizer, Tim Walz, JD Vance Organizations: Swiss, New Zealand, U.S, Iran's Revolutionary Guard Corps, Hezbollah, ANZ, Westpac, BNZ, Gulf Coast dockworkers Locations: Iranian, Israel, Early Asia, Iran, Lebanon, Asia, New Zealand, dockside, East, Gulf Coast

☆ The US economy teeters after it's hit by a triple threat: Middle East escalation, port closures, and Hurricane Helene
▼ + stars: | 2024-10-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

A dockworkers strike begins. Back in the States, a dockworkers strike could upend an economy finally on the mend. Tuesday morning marked the start of a dockworkers strike that will shutter dozens of US ports that handle about half of all US ocean imports. The Iranian attack was largely thwarted, and the dockworkers strike could be short-lived. That's thanks in part to strong demand in China.

Persons: —, JD Vance, Tim Walz, BI's Brent D, Griffiths, Amir Cohen, Hurricane Helene, it's, Tyler, Paul Podolsky, Kate Capital, Samantha Lee Musk, Jenny Chang, Rodriguez Hey Airbnb, Gen Z, somethings, Critics —, Amazon's, Nicholas Bloom, Eric Adams, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Business, Service, Midwest Nice, REUTERS, US Navy, Bank of America, Northwestern Energy, Bridgewater Associates, Samantha Lee Musk &, mojo, DOJ, Google, BI, Amazon, Stanford, New York City Locations: Israel, Iran, Saudi Arabia, States, Bridgewater, China, Yale, New York, London

☆ OpenAI executive says the startup has a 'great bench' after CTO's abrupt departure
▼ + stars: | 2024-10-02 | by ( Rob Price | ) www.businessinsider.com time to read: +4 min

OpenAI exec Kevin Weil told BI the company has a "great bench" after CTO Mira Murati abruptly quit. AdvertisementThe hundreds of attendees at Ray Summit, an AI conference in San Francisco, were originally hoping to hear from Mira Murati, the chief technology officer of OpenAI, on Wednesday. AdvertisementIn a brief interview with Business Insider immediately afterwards, Weil praised Murati while downplaying the impact of her departure. Weil, a former Instagram executive, highlighted Mark Chen as an example of the talent still around at OpenAI. "So I'm really excited to partner with him and I'm really optimistic about what we're building."

Persons: Kevin Weil, Mira Murati, Weil, —, Murati, Robert Nishihara, OpenAI, Mira, I've, Mark Chen, Chen, you've, I'm, Jane Street, Sam Altman, Ilya Sutskever, superalignment, Jan Leike, John Schulman, Barret Zoph, Bob McGrew, Bob, we've, We've Organizations: Service, Ray Summit, Business, Integral Technology, MIT Locations: OpenAI, San Francisco, Silicon

☆ The East and Gulf Coast ports strike could be a no-win situation for the Biden administration
▼ + stars: | 2024-10-02 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

President Biden said on Tuesday that his administration will be "monitoring for any price gouging activity" that benefits foreign ocean carriers, including those on the USMX board. He also said "foreign ocean carriers have made record profits since the pandemic, when Longshoremen put themselves at risk to keep ports open." UBS forecast that 20% of Maersk's total volume would touch a U.S. port that would be impacted by the strike. Acting Secretary Julie Su lashed out at the idea that labor wage increases would be passed onto U.S. exporters and importers. I know they understand, just as consumers and American workers understand, that foreign companies who profit from our economy and who employ American workers and have an impact on American consumers should do the right thing, and in that battle, we are always going to stand with American workers, American businesses and American consumers."

Persons: Biden, Longshoremen, majeure, Daggett, Harold Daggett, Lars Jenson, Pete Buttigieg, Julie Su, Taft, Hartley, Buttigieg, Larry Lindsey, Su, Peter Friedmann, I've, nonfarm, Helene, switchers, they're, Jim Bianco, CNBC's, Peter Boockvar, Alan Baer, Steve Lamar, Taft Hartley, Lamar, CNBC's Jeff Cox Organizations: CMA, U.S, United States Maritime Alliance, Vespucci, Federal Reserve, Transportation, Labor, International Longshoremen's Association, UBS, Maersk, Federal Maritime Commission, ILA, Boeing, The Lindsey Group, Agriculture Transportation Coalition, Bianco Research, Bleakley Financial, USA, American Apparel and Footwear Association, Biden Administration, — Locations: East, Gulf Coast, U.S, autoworkers

WASHINGTON — A dockworkers strike threatens to harm shipping, manufacturing, pre-holiday retail inventories — and Vice President Kamala Harris' bid for the presidency. They have been at an impasse with the United States Maritime Alliance, or USMX, which represents shipping and port operations companies. As polls show Harris trailing Trump on the question of who is best suited to handle the economy, the work stoppage puts Democrats in a bind. Harold Daggett, center, with picketing workers outside of the APM container terminal at the Port of Newark in New Jersey, on Tuesday. "President Trump promised to support the ILA in its opposition to automated terminals in the U.S.," Daggett said in the statement.

Persons: WASHINGTON, Kamala Harris, Harris, Tim Walz, Donald Trump's, Sen, JD Vance, Ohio, —, Joe Biden, Pete Buttigieg, Julie Su, Lael Brainard, Trump, Harold Daggett, ” Daggett, Biden, Taft, Hartley, They've, Daggett, Joe Biden’s, “, Michael Nagle, ” Trump, Tim Ryan, Vance, didn't, ” Organizations: Longshoreman's Association, Minnesota Gov, United States Maritime Alliance, Trump, ILA, AFL, Teamsters, Fox News, Democratic, USMX, APM, Port, Bloomberg, Getty, Democratic Party, Federal, Senate Locations: Gulf of Mexico, New York, Washington, Taft, U.S, Delaware, Palm Beach , Florida, Queens, Newark, New Jersey, Trump's

☆ U.S. port strike could have huge impact on global supply chain
▼ + stars: | 2024-10-01 | by ( Sam Meredith | ) www.nbcnews.com time to read: +5 min

Workers at ports stretching from Maine to Texas went on strike early Tuesday in a dispute over wages and automation. So, the unpredictability of this issue here is really in play and it has the magnitude to really throw a giant wrench in global supply chains,” she added. Ocean supply chains have already been hit hard this year by conflict in the Red Sea, a lengthy drought affecting the Panama Canal and the Baltimore bridge collapse. You might say it is a perfect storm, but it is also a really good negotiating position for those people wanting a strike,” Sand said. “Frequent shocks to supply chains in recent years have left producers more attuned to the risks of running low inventories,” Saunders said on Sept. 25.

Persons: ” Lisa DeNight, Newmark, CNBC’s, DeNight, Peter Sand, Sand, ” Sand, — “, ”, Maersk, Bradley Saunders, Joe Biden, Biden, Taft, Hartley, ” Saunders Organizations: U.S, Workers, International Longshoremen’s Association, ILA, United States Maritime Alliance, Maersk, North America Economist, Capital Economics Locations: East, Gulf, Maine, Texas, U.S, Red, Panama, Baltimore, Gulf Coast, Europe, Asia, Danish, East Coast

☆ Massive port strike could have 'devastating consequences' for consumers, expert says
▼ + stars: | 2024-10-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Port of Miami dockworkers strike near the port entrance and demand a new labor contract, on October 1, 2024 in Miami, Florida. Giorgio Viera | Afp | Getty ImagesU.S. port strike could cause inflationOverall, the U.S. economy has notched steady progress in lowering inflation, but in most cases price increases are only slowing — not falling outright. However, "the port strike could cause renewed goods-side inflation," she said. At the time, goods weren't hitting the shelves as quickly as consumers wanted them, which drove up prices. The U.S. port strikes could have a similar effect, "setting up a scenario reminiscent of the pandemic-era logistics crisis," Saidel-Baker said.

Persons: Giorgio Viera, Lauren Saidel, Baker, Lisa DeNight, Newmark, CNBC's, Amir Mousavian, Mousavian Organizations: Afp, Getty, Bureau of Labor Statistics, ITR, ILA, United States Maritime Alliance, University of New England's College of Business Locations: Miami, Miami , Florida, U.S

☆ Some steady names with income to ride out what's often a tumultuous October
▼ + stars: | 2024-10-01 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

The month is normally the most inconsistent for stocks going back to 1950, with an average S & P 500 daily move of 1.3% in either direction, per FactSet data. The S & P 500 and Nasdaq Composite are up more than 20% in 2024 through Monday's close, while the Dow Jones Industrial Average has popped 12%. The major averages also ended September with solid gains that brought the Dow and S & P 500 to record levels. Against this backdrop, CNBC Pro screened for stocks that can ride out any volatility in the month ahead, with a history of producing steady income. PFE YTD mountain Pfizer stock.

Persons: Stocks, Goldman Sachs, James Schneider Organizations: Nasdaq, Dow Jones, Dow, CNBC Pro, DirecTV, Pfizer, Drug Administration Locations: Monday's

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Persons: — there's, —, FoundersCard, Eric Kuhn, it's, MOO, General Assembly —, isn't, David E, David Organizations: Cathay Pacific, British Airways, . Alaska Airlines, Continental, JetBlue, Mint, American Airlines, Qantas, Australian, Emirates, Singapore Airlines, Apple, General Assembly, Business, Chevron, Yorker, Muhlenberg College, University of Edinburgh, Twitter Locations: Austin, Canada, Continental US, Hawaii, Australia, New Zealand, East, Asia, Africa, Chevron, Slotnick, Scotland

☆ The dockworkers' strike is a test for Biden — and complicates an already dizzying 2024 presidential race
▼ + stars: | 2024-10-01 | by ( Juliana Kaplan | John L. Dorman | ) www.businessinsider.com time to read: +8 min

But the strike could pose several issues for Vice President Harris in her presidential campaign. AdvertisementThere's a labor storm a-brewing off the East Coast — but don't expect to see President Joe Biden stepping in anytime soon. MATTHEW HATCHER/AFP via Getty ImagesThe strike throws another wrench into the 2024 raceThe strike has the potential to further upend what has already been a dizzying presidential race. Vice President Kamala Harris is now carrying the banner of the Biden administration's pro-union policies as the Democratic presidential nominee. But Harris' union ties are not as deep as those enjoyed by Biden.

Persons: Joe Biden, Harris, —, dockworkers, it's, Biden, Taft, George W, Bush, Hartley, Cathy Creighton, Creighton, Hamilton Nolan, Nolan, USMX, Hurricane Helene, Independent Sen, Bernie Sanders of, Kamala Harris, Donald Trump, MATTHEW HATCHER, Trump, they're Organizations: Service, Gulf Coasts, International Longshoremen's Association, US Maritime Alliance, Workers, Cornell University's Industrial, Labor Relations Buffalo Co, Labor, ILA, —, Independent, Getty, Biden, Democratic, Teamsters, Trump, AFL, United Auto Workers, United Steelworkers, Republicans, Republican Party Locations: East Coast, Gulf of Mexico, East, West Coast, Taft, Hurricane, Bernie Sanders of Vermont, Michigan , Nevada, Pennsylvania

☆ How major retailers Amazon, Best Buy, Costco, Home Depot prepared for the port strike
▼ + stars: | 2024-10-01 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Club holdings Amazon , Costco , Home Depot , and Best Buy have been preparing for the port strike for months — attempting to blunt any fallout it might have on their abilities to get goods from overseas. They added that 60% to 70% of those imports arrive at East Coast and Gulf Coast ports. To put things in perspective, for retail goods, the East Coast ports are less utilized than the West Coast ports, Basham said. Due to its size, however, Best Buy often gets priority from its shippers, which could help secure goods faster than smaller competitors. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Walkouts, We're, Jeff Marks, Seth Basham, Basham, Lorraine Hutchinson, Bank of America Merrill Lynch, it's, They're, Ron Vachris, We've, Marc Wulfraat, Wulfraat, Wedbush's Basham, Jim Cramer's, Jim Cramer, Jim, Maher, Shannon Stapleton Organizations: Longshoremen's Association, United States Maritime Alliance, U.S, Costco, Home, CNBC, Barclays, Retailers, Bank of America, International Longshoremen's Association Locations: East Coast, Gulf, Maine, Texas, Gulf Coast, East, West Coast, Elizabeth , New Jersey, U.S

☆ This is how badly the port strike could wreck the US economy
▼ + stars: | 2024-10-01 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

A port workers' strike from Maine to Texas could deliver a major hit to the US economy. AdvertisementA strike involving port workers from Maine to Texas could inflict major damage to the US economy. The affected ports involve about half of the nation's ocean shipping. Analysts at JPMorgan have said the price tag for shutdowns related to the strike could reach $5 billion a day. Given that it's been decades since a major strike unfolded on the East Coast, he said, many companies were also likely caught off guard.

Persons: —, Adam Kamins, Kamins, Mirko Woitzik, Travis Tokar, Tokar, it's Organizations: Service, Moody's, Fed, JPMorgan, Texas Christian University's Neeley School of Business, kiwis Locations: Maine, Texas, Savannah , Georgia, Charleston , South Carolina, Norfolk , Virginia, New York, West Coast, East Coast

☆ I'm a Microsoft manager. AI saves me time on some tasks, but that doesn't mean I work any less.
▼ + stars: | 2024-10-01 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

A 37-year-old manager at Microsoft says AI has changed his workflow. I still have a full workloadWhile AI has definitely helped with skipping mundane tasks, that's not exactly what my team's work is focused on. Whatever time I'm getting back from leveraging AI, I'm using it for some other work. Once the developers start writing code for these projects and do the actual work, that's where we leverage AI. So that's why developers are using AI wherever they can to reduce their time, but they are using any time saved for other tasks or other features.

Persons: —, Santhosh Reddy, ChatGPT, I've, It's, I'm, it's Organizations: Microsoft, Service, Google Locations: OpenAI

☆ Port strike could reignite inflation, with larger economic impact dependent on how long it lasts
▼ + stars: | 2024-10-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Port of Miami dockworkers strike near the port entrance and demand a new labor contract, on October 1, 2024 in Miami, Florida. One rule of thumb is that for each strike day, it takes nearly a week to get ports operating at normal levels. watch now"We think fears around the potential economic impacts are overdone," wrote Bradley Saunders, North America economist at Capital Economics. "Frequent shocks to supply chains in recent years have left producers more attuned to the risks of running low inventories. "There is little chance that the administration would risk jeopardizing its recent economic successes less than two months before a tightly-contested election," he said.

Persons: Giorgio Viera, Joe Biden, Taft, Hartley, Joseph Brusuelas, Andrew Hollenhorst, Bradley Saunders, Saunders, there's Organizations: Afp, Getty, International Longshoreman's Association, U.S . Maritime Alliance, Labor, RSM, Atlanta Federal Reserve, Citigroup, New, New York Fed, Capital Economics, ILA Locations: Miami, Miami , Florida, East, Gulf, U.S, United States, West Coast, New York, North America

☆ US port workers strike starts across the East and Gulf Coasts
▼ + stars: | 2024-10-01 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +7 min

The strike, which was confirmed by the Port Authority of New York and New Jersey as well as the Port of Virginia, began at midnight. The strike will stop the flow of a wide variety of goods over the docks of almost all cargo ports from Maine to Texas. The ports involved include the Port of New York and New Jersey, the nation’s third-largest port by volume of cargo handled. Port Wilmington in Delaware describes itself as the nation’s leading banana port, bringing in a large share of America’s favorite fruit. President George W. Bush applied the act in 2002 to halt an 11-day lockout of union members at West Coast ports.

Persons: haven’t, USMX, ” Harold Daggett, containerization, John McCown, Biden, ”, Joe Biden, Taft, Hartley, George W, Bush, “, ” Biden, ” It’s, Daggett, “ It’s, Peter Tirschwell, ’ ” Organizations: New, New York CNN, International Longshoremen’s Association, Port Authority of New, United States Maritime Alliance, American Farm Bureau, Retailers, ILA, “, P Global Market Intelligence, CNN Locations: New York, Gulf Coast, Port Authority of New York, New Jersey, of Virginia, Maine, Texas, of New York, Port Wilmington, Delaware, West Coast, Taft

☆ The Busiest Port on the East Coast Comes to a Stop
▼ + stars: | 2024-10-01 | by ( Peter S. Goodman | More About Peter S. Goodman | ) www.nytimes.com time to read: 1 min

Every workday, on his early-morning drive to his job overseeing a warehouse in northern New Jersey, Sean Murphy takes in the frenetic scene of the busiest port on the East Coast. Towering cranes lift shipping containers off vessels newly arrived at Newark from points around the globe. Mile-long freight trains pull cargo to and from the docks. Belching trucks clatter down the highway, hauling containers to distribution centers from Maine to Florida. Here was a visual encapsulation of the challenge confronting the global economy: cargo marooned, commerce frozen and no clarity on when normalcy will return.

Persons: Sean Murphy, dockworkers, Murphy Locations: New Jersey, East Coast, Newark, Maine, Florida, East Coasts

☆ East and Gulf Coast ports strike, with ILA longshoremen walking off job from New England to Texas, stranding billions in trade
▼ + stars: | 2024-10-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Shipping containers sit stacked in the Port of Newark on September 30, 2024 seen from New York City. Billions in trade came to a screeching halt at U.S. East Coast and Gulf Coast ports after members of the International Longshoremen's Association (ILA) began walking off the job after 12:01 a.m. In a video posted to an ILA Instagram account, Daggett addressed union workers at Maher Terminals in Elizabeth, New Jersey. "Helene caused ports to delay openings at the ports of Charleston and Savannah, as well as power losses at intermodal facilities in Savannah, Charleston, and Atlanta," said Wray. Both economists and logistics executives say the impact of the strike depends on how long the work stoppage lasts.

Persons: Kathy Hochul, Harold Daggett, —, Daggett, Shana Wray, Hurricane Helene, Helene, Wray, Adam Kamins, Kamins Organizations: Gulf, International Longshoremen’s Association, United States Maritime Alliance, International Longshoremen's Association, ILA, Port Authority of New, Maher, CNBC, Logistics, Moody's, Federal Reserve Locations: Port, Newark, New York City, East, U.S, East Coast, Gulf Coast, New York, New Jersey, Boston , New York, Philadelphia, Wilmington , North Carolina, Baltimore, Norfolk, Charleston, Savannah, Jacksonville, Tampa , Miami , New Orleans, Mobile, Houston . New, Maine, Texas, Port Authority of New York, Elizabeth , New Jersey, Hurricane, Savannah , Charleston, Atlanta, Gulf, West Coast

☆ The port strike will tip the US into recession if it lasts more than a month, researcher says
▼ + stars: | 2024-10-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The port strike could spark a US recession if it lasts four weeks or longer, Sea-Intelligence's Alan Murphy said. AdvertisementThe economy could see a hard landing if the ongoing port strike lasts long enough, according to one industry researcher. Alan Murphy, the CEO of the liner research firm Sea-Intelligence, estimates the US could tip into recession if the port strike lasts longer than a month. AdvertisementIf the strike lasts longer than a week, importers will likely have a "manageable crisis" on their hands, Murphy said. "By estimates, it's almost certain to push the US into a recession this year if it lasts longer than a month," he added.

Persons: Alan Murphy, —, Murphy, Biden Organizations: Shipping, Service, Intelligence, NBC, International Longshoremen's Association, US Maritime Alliance Locations: Gulf Coast

White House officials on Friday met with representatives from the consortium, the US Maritime Corporation, to encourage the association to stay at the negotiating table. President Joe Biden has sent a clear message that he has no plans to do the latter. Without taking that move, there’s not much else the White House can do. “The administration is using its bully pulpit, and has been for a while,” says John Porcari, who served as the White House supply chain czar under Biden. “In political terms, there’s no good time for a strike,” the former official said.

Persons: dockworkers, Biden, Taft, Hartley, Joe Biden, “, ” Biden, Kamala Harris, there’s, ”, John Porcari, George W, Bush, Liz Shuler, Jeff Zients, Lael Brainard, USMX, Harold Daggett, Labor Julie Su, ” Daggett, Donald Trump, Harris, –, Ford, Ohio Sen, JD Vance, Tim Walz, Trump Organizations: CNN, International Longshoremen’s Association, US Maritime Corporation, White House, ”, White, Republicans, House Transportation, Labor, ” AFL, GOP, National Economic, International Longshoreman’s Association, Republican, Biden administration’s, Biden, Anderson Economic Group, Boeing, United Auto Workers, Minnesota Gov Locations: East, Gulf, Taft, West Coast, Michigan, Dearborn, Ohio, Minnesota

☆ Nokta: The strike comes at a time of tight capacity.
▼ + stars: | 2024-10-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNokta: The strike comes at a time of tight capacity. Omar Nokta, Managing Director - Head of Maritime Shipping Research at Jefferies, discusses the impact of supply chain disruptions from strikes, noting tight capacity in container shipping.

Persons: Omar Nokta Organizations: of Maritime Shipping Research, Jefferies

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