Yes, you read correctly… the current LA Port Strike Costs Economy $1 Billion Per Day.
Running for several days now, the costs to the local and national economy will exceed billions, that is if it was to be settled today. At odds are issues related to port workers demands for keeping work local and hiring practices.
Terminals are shutdown and ships are not being unloaded or loaded. The ten day lockout in 2002 cost the economy an estimated $15 billion. Many businesses are expecting inventory for the 2012 holiday season.
We hope the negotiations continue and that a settlement is reached soon.