The port strike by dockworkers on the East and Gulf Coast could have an effect on retail.
Workers spent the day Wednesday on the picket lines at Port Newark and insist they will stay there as long as it takes. However, Goldman Sachs says the strike could deal a significant blow to retailers and manufacturers and other sectors that rely heavily on shipping, including the auto industry. Goldman Sachs says if the port strike lasts more than two weeks, U.S. manufacturers could be forced to scale down production.
Meantime, New York Governor Kathy Hochul says the state will work to minimize disruptions and ensure grocery stores and medical facilities have essential products.
The strike appears to be prompting some panic buying. The strike has closed down ports along the East Coast and the Gulf of Mexico leaving thousands of shipping containers on the docks. Ships remain idling offshore while there are reports that some retailers are seeing a greater demand for things like paper products and disinfectant sprays. Officials say the strike will affect prices on imports like fruit and alcohol.
