As part of the strategy to optimize costs and increase profits, UPS has laid off 48,000 employees since the beginning of last year, as reported by The New York Times.
According to their information, this year the company has cut 34,000 positions among drivers and warehouse workers, while the remaining 14,000 layoffs affected management, which began last year.
According to the latest data from the government, the employment rate in the U.S. remains stable. In the third quarter, UPS's net profit was $1.3 billion, down from $1.5 billion in the same period last year. Revenue for the third quarter was $21.4 billion, which is also lower than $22.2 billion a year earlier.
Additionally, UPS's business has faced difficulties due to the introduction of new tariffs. In May, President Donald Trump closed a loophole that allowed the import of a large number of packages worth up to $800, mainly from China, without paying tariffs. As a result, in the third quarter, the number of packages sent from China to the U.S. sharply dropped to about one million per day, compared to four million previously.
