TSX:SXP - Post Discussion
Post by
Torontojay on Jan 30, 2024 2:43pm
Ups to cut 120000 jobs
So United Parcel Services just released their financials and it was disappointing. Revenue declined even with the inflation tailwind which is concerning. In order for the company to protect its margins, it has no choice but to lay 12,000 workers which is not indicative of a booming economy.
The company said it expected package volumes to continue falling in the first half of this year, then increase in the second half. The company’s weak demand forecast and job cuts stand in contrast to recent economic indicators showing resilient global growth and signs of an economic “soft landing,” defying predictions of a deeper downturn.
Still, the number of workers being laid off across the United States ticked up slightly in December, according to Labor Department data released on Tuesday. And several tech and media companies have announced large layoffs in recent months.
https://www.nytimes.com/2024/01/30/business/ups-layoffs-rising-wages-union-contract.html
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