Seattle Post: Economy's effect at Port of Seattle could lead to wage freezes

From Seattle Post:

The Port of Seattle seaport is losing its containerized trade more rapidly than its West Coast counterparts, ending 2008 with staggering declines.  In a sign of harsher times to come, waterfront sources say Chief Executive Tay Yoshitani met with port managers and union leaders on Wednesday afternoon to warn port employees about wage and salary freezes, furloughs and possible impending layoffs. Yoshitani said through spokeswoman Charla Skaggs that no decisions have yet been made.  The Seattle seaport is being sapped by the global recession and the ongoing credit market crisis, which has made it difficult for consumers to keep up their spending and prevented some companies from acquiring the lines of credit needed to cover their goods in transit.