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Each 12 months, the federal government revises those estimates to bring them consistent with more definitive information collected by states through their unemployment insurance coverage methods. United Parcel Service joined a slew of tech firms in saying that it would be reducing its headcount this 12 months. The firm mentioned on Tuesday that it might minimize 12,000 jobs in an effort to slash costs as wages rise and its package deal volumes fall. In the coming months, economists had anticipated the labor market to turn into extra like its prepandemic self, with out the large job development that adopted the pandemic lockdowns. The latest numbers may name that evaluation into query. And but it’s clear that the model new year dawned on what has been an exceptionally good economy for many staff.

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