United Parcel Service posted third-quarter results that handily beat Wall Street’s expectations and gave details about its turnaround efforts, including approximately 48,000 job cuts.

The delivery giant said it cut about 48,000 jobs, part of which came under what its CEO called a "significant strategic shift."

Amazon and UPS on Tuesday announced tens of thousands of job cuts, the latest signal that the U.S. labor market is downshifting.

It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill.

UPS cut about 34,000 positions this year, the company said in its third-quarter earnings report. It had said it planned to cut 20,000 jobs.

Thousands of workers are falling victim to job cuts at Amazon, UPS, Nestlé, and other large companies, in an economy defined by uncertainty, AI, and global tensions.

United Parcel Service (UPS) began the year with nearly half a million employees but has since cut about 48,000 jobs in a major cost-cutting push to boost profits, remain competitive, and regain investor confidence.

While UPS’s 48,000 job cuts are primarily aimed at boosting profitability amid unprofitable operations, they also feed into broader labor market trends, reflecting and contributing to rising unemploym

Here's what to know about the layoffs at Amazon, UPS, Target and other employers.

From Amazon to Target, major corporations are announcing massive layoffs ahead of the holidays. Here's what to know about the mass layoffs.

Amazon, Target and UPS are laying off thousands of employees, but the reasons behind the cuts go a lot deeper than AI.