FedEx had a labor shortage during Covid unlike UPS because it wasn't unionized and paid much less. https://www.bloomberg.com/news/articles/2021-11-04/labor-sho

FedEx had a labor shortage during Covid unlike UPS because it wasn't unionized and paid much less. https://www.bloomberg.com/news/articles/2021-11-04/labor-shortage-ups-union-drivers-give-delivery-service-edge-over-fedex-fdx https://www.bloomberg.com/news/articles/2021-11-04/labor-sho... >The massive labor shortage that’s rocked the U.S. since the pandemic and disrupted long-established employment relationships hasn’t had much impact on UPS, which pays its unionized drivers the highest wages in the industry. That’s helped it maintain a stable workforce and rising profits throughout the current disruptions. Meanwhile, lower-paying, nonunionized FedEx racked up $450 million in extra costs because of labor shortages. And while UPS easily beat earnings expectations and predicted a rising profit margin in the U.S. for the fourth quarter, FedEx signaled that its profit margin will fall further.