Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  Port workers on strike Tens of thousands of longshoremen at ports along the East Coast and Gulf of Mexico walked off the job shortly after midnight Tuesday, the first strike by the port workers’ union in nearly 50 years.  © AP Photo/Seth Wenig The International Longshoremen’s Association (ILA) and the U.S. Maritime Alliance (USMX) failed to negotiate a new labor agreement before the Oct. 1 deadline despite last-minute movement in negotiations that broke months of stalemate.    ILA President Harold Daggett joined union members outside Maher Terminal in Port Elizabeth, N.J., to kick off the union’s first strike since 1977, highlighting workers’ demands for higher wages and protection from automation of their jobs.    “We are now demanding $5 an hour increase in wages for each of the six years of a new ILA-USMX Master Contract,” said Daggett. “Plus, we want absolute airtight language that there will be no automation or semi-automation, and we are demanding all Container Royalty monies go to the ILA.”    The USMX said Monday evening that it had “traded counteroffers related to wages” with the ILA, the first sign of movement since negotiations broke down in June over an automated gate at a port in Mobile, Ala.     The USMX also said it had asked the union to extend the agreement ahead of the deadline.    President Biden has made clear he will not intervene to stop the strike, even in the face of pressure from business and industry groups who are worried about the economic impact of the strike.    Many retailers front-loaded shipments or diverted shipping through the West Coast in anticipation of the strike. But while consumers may feel a minimal pinch on the front end, such as a shortage of bananas in the coming weeks, businesses are bracing for a strike with no clear end.       There is a wide range of estimates for how much the strike will cost the U.S. economy each day — anywhere from several hundred million dollars a day to nearly $5 billion.     Business groups including the U.S. Chamber of Commerce have pressed Biden to minimize the economic impact by invoking the Taft-Hartley Act, a 1947 law that would allow the president to request an 80-day court-ordered “cooling off” period to give the parties more time to negotiate.     Teamsters General President Sean O’Brien issued a statement of solidarity with the ILA on Monday evening, saying, “The U.S. government should stay the f‑‑k out of this fight and allow union workers to withhold their labor for the wages and benefits they have earned.”    Biden seemed inclined to hold his ground Tuesday, calling on the USMX to give longshoremen a “meaningful increase” in wages, but making no specific mention of the automation at the heart of the labor dispute.    The Hill’s Taylor Giorno has more here.    Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:   How the port strike threatens the US banana supply A strike at ports along the East Coast and Gulf of Mexico could threaten Americans’ supply of bananas.   Full Story   Biden: Striking port workers should see ‘meaningful increase’ in wages President Biden called for striking port workers to get an increase in wages, hours after tens of thousands of longshoremen at ports along the East Coast and Gulf of Mexico walked off the job.  Full Story   CVS to lay off nearly 3,000 employees CVS Health is planning to lay off nearly 3,000 employees nationwide, a company spokesperson confirmed Monday.  Full Story   Judge partially dismisses FTC’s antitrust lawsuit against Amazon A federal judge on Monday partially dismissed the Federal Trade Commission’s (FTC) antitrust lawsuit against Amazon.   Full Story   The Ticker  Upcoming news themes and events we're watching: Federal Reserve Governor Michelle Bowman will speak at the Community Banking Research Conference in St. Louis on Wednesday at 9 am E.T. Days since port strike started: 1   In Other News  Branch out with more stories from the day: Nike’s quarterly sales and profits slump as it faces shoppers’ sluggish demand for its products NEW YORK (AP) — Nike sales and profits slumped in its fiscal first quarter as the sportswear giant … Full Story   Good to Know  Business and economic news we've flagged from other outlets: S&P 500 falls, Nasdaq drops 1% to start October as Middle East tensions intensify (CNBC) Heating your home will cost more again this winter (CNN)  How fentanyl traffickers are exploiting a U.S. trade law to kill Americans (Reuters)   What Others are Reading  Top stories on The Hill right now: What it’s like in Asheville after Helene SOUTH OF ASHEVILLE, N.C. — Buzzing chainsaws and growling generators have replaced the everyday suburban sounds of lawnmowers and birds in my neighborhood about 12 miles south of flooded parts of town. Read more New book details how Austin, Texas, lost its ‘magic’ — and the larger threat its trajectory may represent  Austin’s “magic” has slipped away thanks to poorly planned development run amok, a new book argues. Read more     You're all caught up. See you tomorrow!