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On October 1, 2024, the dock workers along the East and Gulf Coasts went on strike. It was estimated that it could cost the economy $540 million each day of the strike. Why are they on strike? The dock workers have not had an increase in pay since 1977! They make $39 per hour. The economy is still dealing with the aftereffects of the pandemic, inflation, and natural disasters. On the table is a 50% pay increase ($5 per hour increase in pay each year over the 6-year contract), no automation, and royalties from containers go to the workers.
If a company stocked up on their product in anticipation of the strike, if the strike last long enough, a business can run through the merchandise before the holiday season is over. Do not be surprised if you see signs posted in stores indicating that there is a limit on paper products and bottled water. At the time of this post, the Kroger stock was $55.58. See https://finance.yahoo.com/quote/KR/.
Update
The dockworkers and the US Maritime Alliance reached a tentative agreement, and the strike is suspended until January 15, 2025. The union tentatively agreed to a 62% increase in pay over the next 6-year contract. The initial demand was 77%. Also, this time will allow both sides to discuss automation in the workplace. The union is against automation and this touches on ageism in the workplace. We are in the age of Technology. Some people like it. Some people fear loss of their jobs. Some people will embrace the new skills obtained to get new jobs. It will be interesting to see what will happen on January 15th.
