The New Jersey Chamber of Commerce has expressed concern over the potential impact of a port strike on both state and national economies. The statement highlighted the risk of disruptions to global supply chains, which could reverse recent progress in controlling inflation.
Tom Bracken, President and CEO of the New Jersey Chamber of Commerce, emphasized the urgency of resolving the strike: "This strike could be a disaster. It is going to cause disruptions to world supply chains and negatively affect the New Jersey and national economies."
Bracken pointed out that the Federal Reserve's recent rate cut had shown signs of bringing inflation under control. However, he warned that a prolonged strike could lead to rising prices: "As evidenced by the recent Federal Reserve rate cut, inflation was finally somewhat under control – and the longer this strike lasts, the higher the probability prices will increase."
The timing of the strike also raises concerns about its impact on consumer spending during a critical period for retailers. "We do not want the holiday buying season to be interrupted, which is so critical to the health of the economy," Bracken said.
He called for immediate action from those with influence over negotiations: "We believe that anybody who has the ability to stop this strike, slow it down, and try to have the sides come to an agreement – should weigh in."
Bracken concluded with a stark warning about the potential severity of the situation: "The strike has the potential of being so bad that people who have the ability to mute this – should mute it. There’s absolutely nothing good about this."
