The port workers attack may cause the country to sag in the face of a full-blown crisis, which the liberal advertising may not be willing to admit.
Advertisement
According to Piper Sandler economist Jake Oubina, the United States is already going through an industrial recession, as manufacturing activity has fallen for six straight months, according to the most recent Institute of Supply Management ( ISM) report. Oubina warns that if oil prices rise, the increase may cause the business to sag, leading to a further recession.  ,
According to Business Insider, Obibina, a controlling director and senior economist at the expense banks,” the manufacturing sector’s exercise continued to decline for the fifth straight month.” According to the most recent statement from the Institute of Supply Management, “it also marks the 22nd regular recession over the last 23 month.”
For our Celebs: Kamala perhaps had ruined her campaign by making this move.
” The only things that are up are things that are financed by chips ,]the Inflation Reduction Act], all the high-tech stuff, fueling data centers, semiconductors, etc. That’s been away. But in public, the market’s showing an industrial downturn”, Oubina told Fox Business on Tuesday.
If there is a rise in oil and energy costs, the economy was collapse into a wider recession, according to Oubina. That is in line with what other economists have warned, with some citing the fuel price shock that caused the slump in the 1970s.
Brent crude, the international benchmark, soared this week after Iran launched a missile strike on Israel, sparking dread of supply problems.
Advertisement
This is concerning reports given that port staff on Tuesday launched their first attack since 1977, shutting down U.S. Atlantic and Gulf of Mexico ports and stumbling a key component of the world’s supply network. The strike, led by the International Longshoremen’s Association ( ILA ) and the United States Maritime Alliance ( USMX), is expected to have a severe economic impact, potentially costing billions daily and worsening inflation.  , Specialists say that if both sides do not immediately resolve , the port staff strike, it , may disrupt the oil and gas industry.
Joe Biden has the power to end the strike under the Taft-Hartley Act, but both he and , Kamala Harris have sided with the organizations.
” This attack is about justice. Executive payment has increased and profits for foreign-owned transport companies have increased. The Longshoremen, who play a vital role transporting important goods across America, deserve a good share of these log income”, Kamala said in a speech.
The Taft-Hartley Act is not something that the Biden-Harris administration intends to summon.  ,
The Middle East’s growing issue is now causing gas and oil prices to rise. This year, Brent crude, the international standard, surged after Iran launched a missile attack on Israel, stoking fears of popular provide problems. The potential for more instability in oil markets increases as tensions rise, adding pressure to now constrained energy costs.
Advertisement
” I think of the biggest danger of that, correctly, a retribution by Israel that truly target oil output services”, Oubina told Business Insider. ” Oil prices rising, electricity prices spiking in the past, have been enough to idea the market from a slowing into a crisis. So I think that’s what we have to worry about”.