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.
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