United Parcel Service (UPS) is set to cut approximately 20,000 jobs and shutter over 70 facilities in response to a significant reduction in package volume from Amazon. The decision comes as the company grapples with economic uncertainty and aims to streamline operations. Despite surpassing profit estimates in its latest quarterly earnings report, UPS is preparing for a challenging market ahead, having experienced a fall in first-quarter revenue. The layoffs mark a strategic shift for UPS amidst decreased reliance on Amazon shipments, reflecting broader economic concerns affecting the logistics industry.