US strike shuts East, Gulf Coast ports for first time since 1977

Analysts say it could cost economy $6.4b a day, threaten jobs and stoke inflation

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LOS ANGELES - Dock workers have walked out of every major port on the US East and Gulf coasts, marking the beginning of a strike that could ripple through the world's largest economy and cause political turmoil just weeks before the presidential election.

The affected ports have the combined capacity to handle as much as half of all US trade volumes and the strike will halt container cargo and auto shipments.

The significance of a work stoppage at every major container port from Houston to Miami and New York-New Jersey depends on how long the strike lasts.

Analysts said the disruption could cost the US economy an estimated US$5 billion (S$6.4 billion) a day, threaten jobs and stoke inflation.

A backup resulting from a week-long strike would take about a month to clear, according to Ms Grace Zwemmer at Oxford Economics.