UPS to slash 12,000 jobs in cost-saving move as workers ordered to be in office 5 days a week

Understood.

Tech world in general over hired for fear of not finding employees, now they are recalibrating. CNBC has been taking about it for months.

Hopefully it won’t be too big a deal and there are still many jobs out there. People just might be required to go back to work in person.

 

But remote work is here to stay

 

I guess we will never know since there is only one loser, here. In fact, Trump is the first president since Hoover to have negative job growth during any 4-year term. Even Bush II eeked out positive growth in both his terms and he had major recessions during both. Even Carter. Even the war time presidents. Covid barely registered as a recession... stop making excuses. Trump sucks.

 

This means nothing without seeing data like a 5 year trend in employee hiring for these companies. I am guessing we will find in almost every case companies hired rapidly to adapt to a more "on-line economy", and now have to correct as the world has returned to more traditional balance on on-line activity and in-person economic activity.

 

The fact that the Gov forced millions of people out of work is a fact. None of the Presidents listed ever had to deal with the shuttering of a large part of the economy.

US GDP fell by 33% in the second quarter of 2020 all due to the pandemic. The only reason it wasn’t worse was the Gov was pouring money into peoples pockets in the form of PPP, direct stimulus and spending like mad.

Hate Trump all you like there are plenty of reasons to do so but ignoring the effect of Covid on UE is ignorant and beneath you.

Likewise regardless of who was POTUS during the reopen job growth had nowhere to go but up, Biden had little if anything to do with that and you know it..

 

I'm not ignoring it, I'm pointing out that many presidents over the last 100 years have had massive economic problems to deal with ... like Carter had gas rationing and interest rates nearing 20%, and Carter still added 10 million jobs in just 4 years. If Trump had done a better job during the good years, he wouldn't have been negative at the end. He's the biggest loser in nearly 100 years, and it takes a special kind of laziness and stupidity to accomplish that , but now please, continue to make his excuses ...

 

Trump came into office and rode the wave of the Obama economy and took credit for it. It's fair play for Biden to take credit for the pandemic rebound then. Also, Biden gets credit for the current state of the economy for which doom and gloom has been forecasted for his whole term and the exact opposite has happened.

 

Interesting how some folks choose to ignore the substantial negative impact a world wide pandemic had on jobs (and job growth) during Trump’s term. But, it is just another symptom of a common malady infecting so many existing in their “left of center” irreality.

 

When should this UPS job drain be affecting the economy? Been nearly a week now.

https://www.investors.com/market-tr...utures-jobless-claims-amazon-apple-to-report/

Initial jobless claims from the Labor Department came in higher than expected Thursday morning, rising to 224,000 vs. 214,000 in the previous week. Claims were expected to hold steady at 214,000, per Econoday estimates.

 

Ahh, the "nowhere to go but up" argument is back. Let me ask you this, if the "nowhere to go but up" argument is true, why have so many people been predicting a recession each of the last three years? Heck, I bet that I could find you predicting it (or reporting other's predictions of such an event). Strange how the "nowhere to go but up" argument doesn't start until after the recession predictions didn't work out.

 

Actually I’m didn’t hear anyone predicting a recession for 3 years, at least not the people I listen to. It’s only been since the FED started raising rates so aggressively. Which made sense. What they didn’t take into account was how flush the American consumer was with cash.

That was in part due to the bull market driven by low rates for years, 5 trillion poured into the economy by the Gov and massive QE. Some did predict a soft landing trouble was typically sure heavy rate increases cause big slow downs so they were in the minority but those predictions didn’t start until the fed decided to deal with inflation.
Even with that the market has really been lead by a handful of companies higher since the rate increases it’s not really been a deep and broad rally. i’d caps are pretty flat for two years.

Tons of people were predicting the reopen trade before it happened. If you didn’t hear about I suggest you get a better source of financial information, whomever you’ve been listening to has been giving bad advice.

 

Fed wants to see a looser job market don’t expect rate cuts until inflation backs down more or stays near flat and UE ticks up.

 

So who have you been listening to in particular? Because I'd be happy to show you tons of pretty standard financial media predicting recessions in 2021, 2022, and 2023. Kind of strange that they were doing that in the face of guaranteed growth.

 

I listen to CBNC usually in the am then some at mid day and then on the way home from work. Guess I’m just better at ignoring the guys who are always calling for recession there are some that are always call for the short.

I’ve been buying the big dips in selected companies, selling when the negative Nellies start getting loud(the talk the market down), and then buy back in (usually the stock won’t go as low as it did the last sell off. Just cashed out of AMD last week after getting in at 62, was getting too parabolic.

Sure there are always guys on the edge of crash or boom. Majority predicted boom once the Fed started dropping rates, QE and the Gov started hanging out check to people, business, and local governments. The writing was on the wall, all that lent up demand from half the country hiding in their homes.

 

Well, let me demonstrate my point with CNBC then. Here is a bunch of predictions of recessions in 2022 from them. Strange that they would be discussing this so heavily during a period of guaranteed economic growth. Why do you think they were?

https://www.cnbc.com/2022/03/31/2-y...-inversion-that-could-signal-a-recession.html
https://www.cnbc.com/2022/08/01/66p...oming-what-concerns-each-generation-most.html
https://www.cnbc.com/2022/10/01/rec...ans-are-suffering-from-financial-burnout.html
https://www.cnbc.com/2022/09/08/shi...gn-that-a-global-recession-may-be-coming.html
https://www.cnbc.com/2022/07/25/the...omy-is-at-least-teetering-on-a-recession.html

A whole lot of discussion of a recession that year given that economic growth was guaranteed, apparently.

 

Like I said plenty of guys on both sides of the coin. You can cherry pick 50 guys at any one time either way.
You also get recession talk anytime the yield curve inverts which it’s been inverted for quite some time.

The articles even say “could signal” a recession “could happen in the next two years”, hardly like they were running for the hills.

2 of the links talked about Americans concerns, one talked about global slow down.

Not one made it sound like it was a forgone conclusion.

so sure like I said there were some guys taking about it but it wasn’t anything like some majority.

If I recall right there was a time where we did have two consecutive quarters of negative GDP and for many economists that is considered a recession.

Majority were not talking recession until the Fed got heavy with the rate increases. That’s when the real concerns started cropping up.

 

Strange that we had so many threads on here then (and so little pushback against the notion that we were already in a recession in 2022 (or soon would be) during a period of apparently guaranteed growth). Here is a sampling:

Shhh! Economic Drop Confirms Recession
The Biden administration’s preemptive pushback on ‘recession’
Major recession looming?

But to ask the challenging question: why would you be able to find 50 economists on each side of the future growth issue in which growth was guaranteed (i.e., "nowhere to go but up"). Do the 50 with the opinion that things were going to go down enjoy being wrong or something?

 

UPS is a global company. 12,000 jobs worldwide is nothing. They are reducing jobs and implementing AI and other technology to change the way UPS operates. Anyone who thinks this is some political Trump vs Biden is clueless! We are in a rapidly changing world where jobs are going to crater because companies are getting ahead of Wall Street cost reduction expectations with technology and AI integration. If you want to make this political, vote for candidates that are going to pay you a UBI… because you might be competing for that job picking fruit!

from the earnings call: