Fox Business Flash top headlines for September 3
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FedEx is bracing for a tsunami of a holiday shipping season with plans to hire as many as 70,000 seasonal workers, the company confirmed to FOX Business. That's a 27 percent increase from the 55,000 hired last year.
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|UPS||UNITED PARCEL SERVICE INC.||158.01||-7.88||-4.75%|
Raj Subramaniam, president and chief operating officer of FedEx, predicts the upcoming season will be "unprecedented' while also announcing some enhancements to meet that demand, including "the acceleration of FedEx Ground’s seven-day a week residential delivery."
Consumers cooped up at home due to the coronavirus pandemic have stepped up online shopping, which was already on the upswing. Retailers including Walmart said online sales rose 97% in the second quarter, while Target and Dick's Sporting Goods both reported jumps of 195% and 194%, respectively.
UPS did not immediately respond to FOX Business' request for comment on its holiday hiring plans.
The announcement comes just after the number of laid-off Americans applying for unemployment benefits fell again last week. The drop in claims indicated that the job market may be improving after six months of an onslaught of coronavirus-fueled layoffs plagued droves of industries.