Each yr, the federal government revises those estimates to deliver them according to extra definitive knowledge collected by states through their unemployment insurance coverage systems. United Parcel Service joined a slew of tech firms in saying that it might be decreasing its headcount this yr. The firm said on Tuesday that it will cut 12,000 jobs in an effort to slash costs as wages rise and its bundle volumes fall. In the coming months, economists had anticipated the labor market to turn out to be more like its prepandemic self, with out the enormous job development that adopted the pandemic lockdowns. The latest numbers could name that evaluation into query. And yet it’s clear that the model new yr dawned on what has been an exceptionally good financial system for many staff.
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