Late last night the Federal Mediation & Conciliation Service announced that the ILA and USMX have reached a tentative agreement that would avoid a looming port strike beginning Feb 6. Manufacturers are hopeful that both sides will ratify the deal swiftly.
The threat of a strike has added significant costs to manufacturers operations as they were forced to make costly contingency plans to avoid supply chain disruptions. The result of a strike would likely cost our economy $1 billion a day. The tentative agreement is a positive step forward, and a signed agreement will give manufacturers certainty that their supply chains will not be disrupted on the East and Gulf Coasts.