UPS strike could be the most expensive in 100 years

foxbusiness.com:

Teamsters General President Sean O'Brien tells «Your World with Neil Cavuto» UPS may be delaying reporting its profits in order to have a better negotiating position with the union.

Hundreds of thousands of UPS drivers could go on strike by the end of the month, and the walkout could be the most expensive one in the U.S. in at least a century. 

That is according to a new analysis from the Anderson Economic Group, a Michigan-based think tank that specializes in the economic impact of labor strikes. The report estimates that economic losses from a 10-day work stoppage could cost more than $7 billion.

«The consequences here of this strike would reach every town in America in a matter of days,» Patrick Anderson, president of Anderson Economic Group, told FOX Business. 

UPS STRIKE LOOMS AS TEAMSTERS TALKS REMAIN STALLED

United Parcel Services workers walk a «practice picket line» on July 7, 2023, in the Queens borough of New York City, ahead of a possible UPS strike. (Photo by TIMOTHY A. CLARY/AFP via Getty Images / Getty Images)

The $7 billion figure includes UPS customer losses of at least $4 billion and lost direct wages of more than $1 billion. It does not take into consideration strike pay, unemployment benefits, unemployment taxes, income taxes, government spending or settlement bonuses. 

Negotiations between UPS and the Teamsters union stalled last week as the two sides remain at odds over the terms of a new contract, raising the odds of a strike at the beginning of August.  

UPS OFFERS TEAMSTERS ‘SIGNIFICANT’ PAY BOOST AS UNION'S STRIKE THREAT LOOMS

The current contract, which covers some 340,000 UPS workers, expires on July 31. UPS workers already voted 97% in favor of strike authorization in mid-June; it