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West Coast port conflict making industries increasingly nervous

Jan. 16, 2015 5:57 PM ETXLP, XLY, RTH, VCR, IYC, IYK, VDC, PBJ, PEJ, XRT, RSPS, SCC, FXD, FXG, RETL, FDISBy: Carl Surran, SA News Editor1 Comment
  • Frustrations are mounting over stalled contract negotiations between West Coast dockworkers and port owners, prompting 175 industry groups representing agriculture, manufacturing, retailers, and other import/export operations to send a letter to the two sides urging them to solve their differences and agree to a contract.
  • While both sides agreed earlier the month to use a federal meditator, the latest public sniping has raised fears that the ports are heading toward a shutdown, which some say could cost the economy $2B/day if it lasts 20 days.
  • Midwest manufacturers have had to slow and even stop production due to delays in receiving components, and retailers are experiencing delays in early spring merchandise, including products for Valentine’s Day and Easter; the impact on the agricultural sector also has been dramatic, hurting producers from Washington apple growers to Idaho potato farmers.
  • A Cowen report this week said that while lower gas prices could boost consumer spending, retailers face increased shipping costs due to the port slowdown.
  • ETFs: XLP, XLY, VDC, XRT, VCR, RTH, RETL, FXG, PBJ, IYK, PEJ, FXD, IYC, FDIS, RHS, SCC

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