LOS ANGELES — In a potential blow to the recovering U.S. economy, a possible West Coast port strike could cost as much as $2.5 billion a day if the International Longshore and Warehouse Union and the Pacific Maritime Association don’t agree on a new contract by next week.
According to a report issued by the National Retail Federation and the National Association of Manufacturers, a 20-day stoppage would reduce the gross domestic product by $2.5 billion a day, disrupt 405,000 jobs and cost the average household $366 in purchasing power. A 20-day port shutdown scenario also would lead to a $6.9 billion loss in exports this year, and its effects would linger into next year with a $1.7 billion loss in export activity. An import disruption during this same 20-day period would cost the economy $8.3 billion this year and an additional $2 billion next year.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
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