The port strike ends with a deal granting workers a 62% wage increase, but delays caused significant economic losses, estimated at $5 billion per day.
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The port strike has been suspended following an agreement that will increase wages by 62% over the course of the six-year deal for workers. By the end of the agreement, the hourly wage for a top dockworker will rise to $63 per hour, up from the current wage of $39 per hour. However, the agreement does not address the issue of automated machinery, which will be discussed on January 15th. For now, workers will be resuming their duties. On Tuesday morning, dozens of port workers walked off the job, causing significant delays at the ports and disrupting the delivery of retail products.
The last time a similar event occurred was in 1977, when the stoppage lasted seven weeks. This strike, however, lasted only one week, though many feared the disruption could impact the markets. Economists estimated that $5 billion was lost daily due to the strike.
