Port strike day 2: Expert says don't panic buy as dockworkers vow to stay on picket line
Expert says it's not time to panic buy, price hikes and shortages could take weeks
PHILADELPHIA -- Dockworkers are continuing their port strike into a second day, essentially shutting down operations ports across the U.S. They are vowing to stay on the picket line 24/7, until a deal is reached.
Experts say right now, it's a matter of keeping a close watch on what's happening, adding that it would still be several weeks before the strike could start to impact the everyday consumer.
Members of the International Longshoremen's Association are on their second day of no longer loading cargo on and off ships at ports from Maine to Texas.
Experts say even with this work stoppage, it'll still take time for families to feel a change.
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"If the strike goes on for more than a month or so, we'll start to see the price increase as well for those kinds of items," said Dr. Subodha Kumar, with Temple University Fox School of Business. "The consumers are the key factor here, don't get panicked. Don't get into the panic mode."
Dr. Kumar follows supply chain stability and says this strike didn't catch companies off guard.
He said a lot of retailers were able to stockpile goods to hold them over, but analysts also say a strike of more than a few weeks will stress the supply chain around the world.
RELATED: Expect shortages and higher prices as port workers strike
Almost half of the items shipped into the U.S. come through the 36 ports where dockworkers are on strike.
Experts say the nation's supply chain is stronger after the pandemic because companies learned from it, but some shoppers said this feels all too familiar.
"I know how the whole thing affected us during COVID so I'm hoping it won't get to that extent where people having to horde things and come to these stores and you can't find them on the shelf just like I'm out here again looking for paper towels," said one person.
As for negotiations, the Biden administration is upping the pressure on the shipping industry to offer a better deal to the union.
