The East and Gulf coast ports strike could be a no-win situation for the Biden administration

President Joe Biden has said he will not intervene to force striking ILA union workers back on the job at East and Gulf coast ports.

If the union prevails in its battle for a large wage increase, there is the risk of a resumption of wage inflation that could upset the Fed 's so-far successful efforts to tame inflation.

The ILA 's president, Harold Daggett , is seeking a raise as high as $5 per hour, per year, over a six-year period.

CMA CGM, one of the world's largest ocean carriers, declares force majeure on Tuesday .

Analysts have been warning ocean spot rates could increase by 20%-50% .

UBS forecast that 20% of Maersk's total volume would touch a U.S. port that would be impacted by the strike.

Acting Labor Secretary Su lashed out at the idea that labor wage increases would be passed onto exporters and importers.

The annual gain for those remaining in their jobs decreased to 4.7% , while it fell even more for job switchers, to 6.6% , down 0.7 percentage point from August .

The upcoming nonfarm payrolls report is the last the Fed will receive before its next interest rate policy decision in November .