UPS Cutting 12,000 Jobs Under Bidenomics Employment

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UPS is cutting 12,000 jobs under Bidenomics. As shipments slow down, staff are ordered to report to the offices five days a week.

The cuts will take in full and part-time workers and contract workers. Their jobs will likely never come back.

The company employs 85,000 workers in management and about 495,000 employees worldwide, most of whom work in the US. CEO Carol Tomé says it is using AI and other technologies instead of people.

The company’s revenue declined in the last quarter of 2023, which guided revenue in 2024 to be between $92bn and $94bn, below forecasts.

This is interesting in light of what the bond king said last week. DoubleLine CEO Jeffrey Gundlach said he doesn’t trust the unemployment numbers. He thinks they’re manipulated to look low. If 88% of the states report rising unemployment, how can the numbers be accurate?

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