The Wall Street Journal (gated) reports that Yellow, one of the oldest and biggest U.S. trucking businesses, shut down on Sunday.
- has more than 12,000 trucks moving freight across the US
- sent out notices to customers and employees saying it was ceasing all operations at midday Sunday
- company is preparing to file for bankruptcy
- is in talks to sell off all or parts of the business
The journal says further:
- imperils nearly 30,000 jobs
- Hundreds of its nonunion employees were laid off Friday
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The risk to jobs has implications for how the Federal Reserve assess the economy. Keep an eye on this and similar developments.
This article was written by Eamonn Sheridan at www.forexlive.com. Source