FedEx just painted a disturbing picture of the job market

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Do a read through of the disappointing earnings report out of FedEx on Tuesday night and you get the sense non-farm payrolls reports for the rest of 2021 may surprise economists to the downside. The problem (one that may be getting worse, per FedEx)? Finding humans to accept jobs in a very tight labor market even at higher rates than what the specific job would have paid months ago. "The impact of constrained labor markets remains the biggest issue facing our business as with many other companies around the world and was the key driver of our lower than expected results in the first quarter," FedEx COO Raj Subramaniam told analysts on an earnings call. FedEx (FDX) said its quarterly results were drilled by $450 million due to labor shortages alone, notably at its ground segment. The company estimated a shocking 600,000 packages across the FedEx network are being rerouted because of the inability to find labor. Those processing bottlenecks stand to wreak havoc on the holida
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