Cutting it close': Port director warns of shortages and price increases
Source: Raw Story
Port of Los Angeles executive director Gene Seroka issued a new dire warning for CNN's Erin Burnett, saying he's already seeing the first signs of an economic crisis to come. "When we're trying to figure out what's really going on here — I know you've seen a significant drop in ships at your port," said Burnett. "What are you seeing?"
"Your timing is so important," said Seroka, who has been sounding the alarm about President Donald Trump's tariffs and the drop in shipping volume for months. "We've hit fresh lows here at the Port of Los Angeles. Over the last week, we've averaged five ships per day in port. This time of year, it should be about 10 to 12. And subsequently, job orders for dockworkers are down 50 percent over the last two weeks."
"So, that's employment," said Burnett. "That's cold, hard jobs you're talking about. But just to be clear, you're talking about a drop of more than 50 percent in the amount of in what's coming into your port ... that we are now getting half as much as you usually get. Is stuff like, what? What are the general things that are usually on those container ships?"
"Generally, Erin, furniture, footwear, toys, and clothing," said Seroka. "Seasonally, we've blown right past summer fashion. Now our eyes are set on back to school, and that product should be here on the docks right now. Then Halloween to follow. As you and I have talked about before, May, that we just closed out, is usually the time where orders go into factories in Asia for the all-important year-end holiday seasons. I'm not seeing that happen right now."
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