Trucking and logistics layoffs are spreading
More than 7,000 jobs are being cut across US trucking, warehouse, and delivery companies, a bad sign for workers and for the economy as a whole.
- Tyson Foods is cutting the most, closing plants in Illinois and Utah and moving beef work to Nebraska, Kansas, and Texas because of a cattle shortage.
- FedEx, Ryder, CJ Logistics, and several smaller freight firms are all closing sites, mostly taking effect in late September and October.
- One wholesale distributor warned it may shut down entirely and sell off its assets if it cannot raise money or find a buyer.
- Shipping slows down first when people stop buying, so freight layoffs point to a weaker consumer.
Outlook: Expect more warehouse and trucking closures in the coming months unless shipping demand picks back up.