UPS did a major labor deal that guaranteed huge raises for workers just a few months ago. In particular, there were reports about how drivers could get up to $170,000. Now they are eliminating 12,000 jobs because they can no longer afford the inflated salaries.
UPS workers approve massive new labor deal with big raises: Aug 23, 2023
UPS to cut 12,000 positions: Jan 30, 2024 pic.twitter.com/OWywSrnYZ5
— zerohedge (@zerohedge) January 30, 2024
UPS workers "fought hard for pay and safety gains" only months ago and now UPS is firing 12,000 workers. pic.twitter.com/MJMLcHZFos
— Citizen Free Press (@CitizenFreePres) January 30, 2024
BREAKING: UPS, $UPS, to cut 12,000 jobs after what its CEO called a "difficult and disappointing" year.
The company has stated that they are looking to cut $1 billion of annual costs.
UPS stock is currently down 6% after the announcement.
Over the last 3 months, layoffs have… pic.twitter.com/zA4Laq9FPL
— The Kobeissi Letter (@KobeissiLetter) January 30, 2024
If you don't think the economy can turn on a dime – just look at what happened with UPS.
Six months ago UPS was paying driver $170,000 now they are cutting +12,000 jobs.
Life comes at you fast.
— Genevieve Roch-Decter, CFA (@GRDecter) January 30, 2024
The fact that a shipping company like UPS is eliminating positions is another sign that the economy is not doing well. It shows that people aren’t buying things and paying to have those things sent to customers.
Yesterday we saw how iRobot was eliminating 31 percent of their staff after Amazon decided not to buy the company. There’s non-stop job cuts everywhere and yet Jewish economists tell us that unemployment is at like 3 percent or something. It’s not believable.
Here’s a few of Jeremiah Babe’s latest economic doom videos. He’ll tell you how bad everything is. The entire economy is running off of debt. It’s a joke.
