UPS Profit Tanks on Lower Volume and Higher Labor Costs
United Parcel Service (UPS) reported earnings this morning that saw first quarter profits decline 35% year over year the package handler's profit margins have been squeezed. Fewer packages are being shipped and after last year's labor disputes, wages are sharply higher. The company has tried to offset this decline with layoffs. Elsewhere General Motors (GM) reported a big jump in profits driven entirely by higher prices for vehicles.
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