UPS Layoffs: This parcel delivery company will lay off 20 thousand employees!

Parcel delivery giant United Parcel Service (UPS) is going to lay off 20 thousand of its employees. The company says that the economy is uncertain and in such a situation the company wants to reduce its costs. Along with this, the company has said that its biggest customer company Amazon is expected to have fewer shipments this year.

A big layoff decision has been taken in the parcel delivery service company (UPS). The company is going to lay off 20 thousand employees. This step has been taken to reduce the cost of the company and due to the possibility of a decrease in Amazon’s shipments. Last year, Amazon’s share in UPS’s profits was 11.8 percent. According to Forbes’ report, by June the company’s lease and 75 buildings will be closed, due to which the company expects to save about $ 3.5 billion.

The company’s profits registered a slight decline in the March quarter. According to the report, the company’s profit in the March quarter was $21.5 billion. According to Forbes, the Consumer Confidence Index is at its lowest level since 2011. The Conference Board’s Consumer Confidence Index is currently at its lowest level since 2011, which is considered a sign of recession for delivery companies. The logistics industry is considered an industry that can warn of recession in advance.

UPS CEO Carol Tomé has said that global trade policies are also going through a period of uncertainty, which has led to a decline in consumer confidence and a decrease in demand from some large customers, especially small and medium-sized customers. The decline in the forecast he made for average daily shipping volume occurred in February and March, as tariff turmoil increased. Carol says that there is so much uncertainty in the economy right now that it is not possible to give any update for the full-year outlook.