United Parcel Service (UPS.US) and the International Brotherhood of Teamsters, representing 340,000 employees, reached a five-year tentative agreement on Tuesday, avoiding a potential strike set for one week later. The potential strike could have resulted in billions of dollars in economic losses and disrupted a quarter of the package delivery in the United States.
The union had previously announced that if an agreement wasn’t reached by July 31st, UPS employees would go on strike starting August 1st. UPS handles 19 million packages per day in the United States.
According to statistics, this event caused a 1.94% drop in UPS package volume, and some UPS customers opted for FedEx to avoid the strike.
Post time: Jul-31-2023