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.
