The dockworkers' strike has entered its third day leaving long lines of container ships queued up outside major U.S. ports, and a speedy resolution looks unlikely, as no negotiations have been scheduled between the Longshoremen's Association and employers.

Against the backdrop, analysts at Morgan Stanley weighed in on how the strike would impact the economy and markets.

Why Short-lived Strike Won't Hurt Economy: If the strike continues for a long period, it could hurt economic growth and boost inflation, said economist Diego Anzoategui. Notwithstanding the pause in shipping service and elevated shipping rates, transportation implications will...