A 10-day UPS strike could be the costliest in US history
📦 A 10-day UPS strike could be the costliest in US history.
A potential 10-day strike by UPS workers in the US could have significant economic consequences, estimated to cost the country $7.1 billion, according to an analysis by Anderson Economic Group. The study predicts that businesses and consumers would bear $4.6 billion of the total cost, causing long-term harm to small businesses, household workers, sole practitioners, and online retailers. Additionally, UPS would face direct losses of $816 million, and the Teamsters union members would lose $1.1 billion in wages. The remaining costs would affect UPS suppliers and result in lost tax revenue. The Teamsters union has threatened to go on strike on August 1 if a new contract agreement is not reached. Talks between the union and UPS broke off recently, with each side accusing the other of walking away. The union blames the company for not meeting its economic demands, despite UPS's significant earnings growth during the current contract period. However, UPS remains hopeful that a strike can be avoided and continues to focus on negotiations.
United Parcel Service (UPS) reported a disappointing start to the year with first-quarter earnings revealing a 5.3% drop in revenue and a 31.5% plunge in operating profit compared to last year.