What a looming rail strike could mean for Americans

What a looming rail strike could mean for the American economy

Nov 23, 2022 by Moneywatch - CBSNews.com

Key Facts

  • Another recent report put together by a chemical industry trade group projected that if a strike drags on for a month, some 700,000 jobs would be lost as manufacturers who rely on railroads shut down, prices of nearly everything would increase even more, and the economy could be thrust into a recession.
  • CHEMICALS RUN DRY Chemical manufacturers and refineries will be some of the first businesses affected, because railroads will stop shipping hazardous chemicals about a week before the strike deadline to ensure that no tank cars filled with dangerous liquids wind up stranded.
  • Jeff Sloan with the American Chemistry Council trade group said chemical plants could be close to shutting down by the time a rail strike actually begins because of that.
  • The National Grain and Feed Association said a rail strike now would hit pork and chicken producers in the southern U.S. hardest, because their local supply of corn and soybeans from this year's harvest is likely exhausted and they'd have to ship feed by truck, dramatically increasing costs.

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