$1 Billion a Day
While NYC fast-food workers and Chicago teachers went back to work after just one day, a lockout at West Coast ports Los Angeles and Long Beach lasted a whopping eight days — and cost the economy an estimated $1 billion for each and every one of them.
Some say that figure — the approximate worth of goods that are moved through the port daily — is misleading, but the long-term effects of the week-plus backlog also could have lasting effects not fully felt yet.
The two ports account for 40% of U.S. imports and left lots of electronics, food, furniture and more waiting to be offloaded from ships at the ports, putting a kink in the supply chain. There are 14 cargo containers terminals at the complex in question, and the two that were shut down handle nearly as much as the next largest five combined.
Luckily, the strike seems to have ended in time to at least get shipments moving in time for the gift-giving holiday season.