UPS and Union Reach Tentative Deal with Wage Increases Amid Declining Volumes

UPS reached a tentative $30 billion labor agreement with the Teamsters Union after months of negotiations.
The deal includes significant hourly wage increases for both full-time and part-time UPS employees over the next five years.
UPS reported declines in revenue, profits and shipment volumes in Q2 2022 which it attributed partly to the labor negotiations.
The company lowered its 2023 revenue outlook by $4 billion due to the new labor deal and falling volumes.
Online job searches for UPS surged after the deal was announced, indicating strong interest in working for the company.