The threat of a strike from 340,000 United Parcel Service (UPS) workers offers a new test of a recent surge in union power. It could also answer some questions about the strength of the larger US labor market.
The unionized workforce at UPS was a big advantage for the package carrier earlier in the pandemic as demand for deliveries surged and rivals that lacked a steady supply of labor struggled to find enough available workers.
But now that job gains are slowing and demand is cooling in some parts of the economy, it is less clear how much longer labor will hold the upper hand, either at UPS or the economy at large.
New data released Friday by the Bureau of Labor Statistics showed the labor market is still tight, as the US economy added 209,000 jobs in June. That was the 30th straight month the US economy created jobs. Hourly wages also rose 4.4% over the same month last year, while the unemployment rate fell to 3.6%.
But the data also showed some softening. Friday’s report marked the first in 15 months that job creation came in below what Wall Street economists had expected, reflecting a slowdown from the previous month.
THE TAKEAWAY
The jobs market is still tight, but new data released Friday showed signs of cooling. How much longer will labor hold the upper hand?
In the part of the economy where UPS operates — transportation and warehousing — employment actually dropped by 7,000 jobs in June.
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