U.S. West Coast port labor contract expires today. How could this provoke inflation?
Time is ticking on the West Coast, where port worker contracts expire at 2 PM Eastern today. It covers 22,000 workers and any labor disruption could roil the already battered supply chains and stoke inflation.
Last month, the Union and Pacific Maritime Association said no work stoppages or lockouts were planned.
The holdups seems to be over automation of containers at ports, resulting in fewer jobs.
Congress is calling for a quick resolution to put fears to rest.