Chicago Federal Reserve President Austan Goolsbee on Thursday said retailers and manufacturers had stockpiled about two weeks worth of items in anticipation of the U.S. dockworkers' strike, but the resulting supply-chain disruptions could lead to higher prices if the labor dispute persists.

U.S. ports from Maine to Texas shut down this week when the union representing about 45,000 dockworkers went on strike for the first time since 1977. Workers began walking picket lines early Tuesday near ports all along the East and Gulf coasts.

Though controlled for now, an extended dockworker strike could affect retail costs. Chicago Federal Reserve President Austan Goolsbee said retailers and manufacturers had stockpiled about two weeks worth of items in anticipation of the U.