UPS provided clues about which direction the U.S. economy is heading in the short and long term for 2023, this as the Fed makes is latest decision on interest rates Wednesday.
is expected to show a drop in new jobs with employers adding 136,000 positions, down from 236,000 the prior month. The unemployment rate is expected to tick up to 3.6% from 3.5%.
The Federal Reserve on Wednesday is expected to raise interest rates by 25 basis points, which would bring the benchmark lending rate to between 5% and 5.25%, as tracked byFederal Reserve Chair Jerome Powell As for UPS, Newman continues to practice agility to navigate the slowdown by managing worker hours against softer volume, consolidating which buildings packages flow through, and being disciplined with pricing. Despite the challenges, he does see a light at the end of the tunnel.
"The good news is we've seen volume stabilize in the month of April. So, I think some of the macros and volume is sort of is hitting a low in the second quarter. I would expect volume growth to rebound relative to the second quarter in the second half of the year" he added. UPS, which is the country’s largest employer of Teamsters, is currently negotiating the next multiyear union contract, which is expected to be complete by Aug. 1.
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