Stoppage Would Cost Economy Half a Billion Dollars a Day, Destroy 41,000 U.S. Jobs
As negotiations between the Pacific Maritime Association and International Longshore and Warehouse Union near a critical deadline, the National Association of Manufacturers released a statement on the potential impact of stoppage based on analysis commissioned by the organization utilizing the Inforum LIFT economic model to quantify the impacts of a potential 15-day closure at the Los Angeles and Long Beach ports.
According to the study by Inforum Economics, a 15-day disruption would cost the US economy nearly half a billion dollars a day — for a total of $7.5 billion — and destroy 41,000 jobs, including more than 6,100 in manufacturing. As the industry continues to grapple with historic supply chain challenges, inflationary pressures and rising transportation and energy costs, manufacturers are calling on the parties to reach an agreement immediately to avoid this continued uncertainty.
