LOGISTICS COMPANIES CUTTING PAYROLLS IN FALTERING MARKET

Package carriers, warehouse operators and other logistics companies are cutting payrolls as the need to ship goods decreases while the U.S. economy “pivots toward spending on services.” According to preliminary figures released by the Bureau of Labor Statistics, “freight and parcel carriers cut more than 14,000 jobs from May to June.” This drop has been par for the course following the massive surge in hiring throughout the pandemic “when strong e-commerce growth triggered a rush to expand supply chains from shipping docks to distribution centers.” Read more…