Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “It wasn’t a tech-centric economy built around small package delivery then,” said Anderson. Back then the company had 180,000 Teamster-represented employees during that strike, slightly more than half the numbers it has now, and it was far less central to the US economy, said Patrick Anderson, president of Anderson Economic Group. During that strike it essentially shutdown all US operations and did not try to make deliveries. UPS has had only one national strike in its history, a 16-day strike in 1997 by the Teamsters. But he said that UPS will concentrate on trying to deliver international shipments and high-value expedited shipments.Īsked if nonunion employees have been told they can’t schedule vacations starting August 1, Zaccara said, “We are asking management employees to be at the ready, should we need them.” It would only be able to handle a fraction of that volume if there is a strike, said Satish Jindel, president of ShipMatrix, a software provider that works with the parcel shipper. UPS handled an average of 20.8 million US packages a day last year. “While we have made great progress and are close to reaching an agreement, we have a responsibility as an essential service provider to take steps to help ensure we can deliver our customers’ packages if the Teamsters choose to strike,” said a statement from the company. UPS has nearly 100,000 nonunion employees in the United States as of the end of last year. UPS did say Friday that it has started to train its nonunion US workers, including managers to help continue at least some of the company’s operations if there is a strike. “We remain confident that we will reach an agreement that is a win for our employees, our company and customers, and the union.” “Our focus is on negotiations rather than speculation,” said UPS spokesman Glenn Zaccara. UPS said that it won’t comment on third-party research and that it is still hopeful of reaching an agreement with the union to avoid a strike. It has said in the past that if there is a strike it will be the fault of the company for not stepping up and agreeing to the economic package being sought by the union despite having its earnings nearly double during the life of the current five-year contract. The Teamsters union did not have an immediate comment on the study. Talks broke off last week with both sides accusing the other of walking away from the table. The union has said it will go on strike August 1 without an agreement on a new contract. The remaining costs would be born by UPS suppliers and from lost tax revenue. Other costs include estimated direct losses at UPS of $816 million, as well as $1.1 billion in lost wages by 340,000 members of the Teamsters union at the company. The estimate from Anderson Economic Group said the hit to businesses and consumers would be $4.6 billion by itself, causing “significant and lasting harm for small businesses, household workers, sole practitioners, and online retailers across the country.” That could make it the costliest work stoppage ever in US history, according to an estimate from a Michigan economic research firm that studies the costs of labor disruptions. A 10-day UPS strike could cost the US economy $7.1 billion.
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