Omicron absenteeism poses fresh test to U.S. economic strength
At West Coast ports, already facing logjams of imports, 160 longshoremen tested positive on Wednesday alone, said James McKenna, president of the Pacific Maritime Association, which negotiates labor agreements for 70 companies at 29 ports on the coast.
The backlogs of ships off the ports of Los Angeles and Long Beach, the nation’s busiest, are growing again, McKenna said. “This new variant is so transmittable that it has changed the game,” he said.In the auto sector, union officials and company representatives said the increase in sick days hasn’t affected production at General Motors Co., Ford Motor Co. and Stellantis NV, owner of the Jeep and Ram brands.
While economists and investors expect the impact to be short-lived, its magnitude may be sizable. Mark Zandi, chief economist for Moody’s Analytics, cut his first-quarter prediction for annualized gross domestic production to close to 2%, down from about 5%. But he also raised his forecast for the second quarter, saying businesses and the economy are better prepared to face this new wave.
Marshall Weston, president and chief executive officer of the Restaurant Association of Maryland, said he had spent the week fielding calls from members who were closing their doors for good.
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