(From the article) : "A looming strike by dockworkers at ports from Massachusetts to Texas could snarl supply chains
and raise prices on a wide array of consumer goods—just as the holiday shipping season approaches."
"Members of the International Longshoremen's Association, a union representing 85,000 dockworkers, plan to strike Tuesday
if they can't reach agreement on a new contract with the United States Maritime Alliance, which represents large shipping lines."
"A walkout would be the first East Coast dock strike in the U.S. since 1977."
A strike would shut down container facilities at 14 ports stretching from Boston to Houston.
Those ports handled more than 68% of all containerized U.S. imports last year."
"Here's a look at some of the ways a strike could affect the U.S. economy."
" Shipping Delays
The most immediate impact would be that goods would stop getting unloaded at the affected ports.
Even if the strike only lasted for a few days, the ripple effect would continue for weeks or longer."
"In addition to costing the U.S. economy as much as $5 billion per day—a run rate equaling 6% of U.S. annual gross domestic product (GDP)
—transportation analysts at J.P. Morgan said Thursday in a research note that major shipper and logistics company Maersk has estimated
that it would take four to six weeks to work through shipping backlogs for each week the ports don't operate. "
(The article continues..)
The question I have is whether or not this would throw us into the recession we’ve been concerned about happening.
Or the economic collapse.
How could this affect the stock market?