Port Strike Won´t Affect Holiday Shopping
Businesses are still tallying their losses from the West Coast port labor dispute. But damages may not be as high as some initial estimates.
The exact economic toll may not be known for months. Economist John Martin estimated the costs for shipping lines. He estimates the U.S. economy lost about $19 billion. But some analysts say they believe Martin’s estimates are too high, and the economic impact will be far less.
Shipping lines and port terminal operators say they lost about $400 million during the dispute. Union members likely lost tens of millions of dollars in wages. Auto plants, farmers and others also got hit by the shutdown.
Holiday shopper’s won´t likely see much effect on store shelves. A spokesman for shipping lines say some shipments might have been late, but they got to stores in time for the shopping season.