JPMorgan: The US dock workers strike is causing loses of Billions of dollars
JPMorgan expects the economic losses from the US dockworkers strike to range between $3.8 billion and $4.5 billion per day.
The strike is likely to lead to higher prices for food, cars and many other consumer goods.
The Maritime Association is proposing a wage increase of up to 50%, a factor that could contribute to a return to inflation, especially with wage pressures easing recently.
Although the overall impact of the strike may be limited, its extent depends largely on how long it lasts.
According to RSM’s chief economist, the strike will have a minor impact on GDP, costing the US economy about 0.1% of GDP per week, equivalent to losses of up to $4.3 billion in exports and imports.
