Goldman Sachs flag hits to GDP, NFP from US east coast port strike
Goldman Sachs note on the US port strike, in summary: estimate that a 10-day full shutdown of East Coast and Gulf Coast ports would result in a 0.2pp hit to quarterly annualized GDP growth in Q4Most transportation-industry strikes since 2000 have lasted less than 2 weeks. In order to weigh on October payrolls, the strike would need to last the entire pay period including October 12th. If the strike lasts through the reference period, it would directly weigh on October payroll growth by 45kEarlier:US east coast port strikes haven’t had any direct impact on the West Coast, eg. Port of LA This article was written by Eamonn Sheridan at www.forexlive.com.
Goldman Sachs note on the US port strike, in summary:
- estimate that a 10-day full shutdown of East Coast and Gulf Coast ports would result in a 0.2pp hit to quarterly annualized GDP growth in Q4
- Most transportation-industry strikes since 2000 have lasted less than 2 weeks. In order to weigh on October payrolls, the strike would need to last the entire pay period including October 12th. If the strike lasts through the reference period, it would directly weigh on October payroll growth by 45k
Earlier:
This article was written by Eamonn Sheridan at www.forexlive.com.
