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Labor peace just landed on UPS’ doorstep.

On Tuesday, the giant courier inked a tentative deal with its army of primarily Teamster delivery drivers, thus avoiding what would’ve been one of the costliest strikes in recent American history. The agreement comes amid a wave of labor negotiations across the country, including far outside of Hollywood.

Both sides of the negotiating table had long promised to deliver a deal ahead of a Monday deadline, at which point some 340,000 drivers were prepared to go on strike. Such a walk-off would’ve cost the US economy roughly $7 billion in its first 10 days, according to forecasts from the Anderson Economic Group, with UPS customers losing more than $4 billion, UPS drivers suffering wage losses of $1.1 billion, and the company itself possibly incurring over $800 million in losses. UPS delivers nearly 25 million packages a day, or roughly a quarter of all US parcel shipments.

The new five-year deal will deliver some $30 billion of new money to drivers over the lifetime of the contract, the Teamsters unions said in a statement. It also included a handful of other key concessions from management, including guaranteed air-conditioning in new delivery vehicles following the heat-related hospitalization of over 100 drivers in recent years, and a much sought-after pay raise for part-time drivers (veteran full-time drivers already pulled salaries of up to $100,000 a year, plus benefits and a pension plan). In sum, it’s a win-win for both sides in a summer where such outcomes have been hard to come by:

“We have been absolutely clear that the switch to electric engine jobs, battery production and other EV manufacturing cannot become a race to the bottom,” UAW President Shawn Fain declared in a recent statement.

How Yellow Was My Valley: The Teamsters secured another victory this week when less-than-truckload shipper Yellow agreed to pay some 22,000 drivers over $50 million it owed in missed benefits and pension accruals as the company scrambles to refinance pandemic-era loans. It all sounds like decent fodder for a Hollywood miniseries, if Hollywood can ever figure out its own labor troubles.

– Brian Boyle

It’s not an illusion — that nest egg really is smaller than it used to be.

A new survey from BlackRock of US retirement plan participants found that in the past two years more Americans, especially those in younger generations, feel like their retirement savings are “off track.”

Retirement used to be a time when Americans could look forward to cashing in on more than four decades of hard work, offering the freedom to play golf, paint bowls of fruit, or pursue other passion projects. But the trek toward post-work life has become an anxious journey, one that many feel unprepared for and that doesn’t have a clear, attainable destination.

Today, just over half of Americans say they’re on track to retire with the lifestyle they desire, compared to nearly 70% two years ago, BlackRock’s survey found. BlackRock noted several contributing factors, including multiple years of high inflation, recession fears, and volatile financial markets. The result is many Americans coming to grips with having to work longer than previously planned:

What Did You Learn in School Today? Retirement and general economic apprehensions can also be attributed to a lack of financial literacy, a subject historically not covered well in American schools. However, the push for personal finance education has been growing. Just last year, six states adopted policies that will have schools teach students about money, and as of today, 22 states require a semester-long personal finance course for graduation, according to the nonprofit Next Gen Personal Finance. For the non-teens out there, well, you’re still on your own.

– Griffin Kelly

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As if Shein didn’t have enough on its plate.

TikTok plans to launch a US e-commerce business selling made-in-China products this August, The Wall Street Journal reported Tuesday. This comes as Shein and relative newcomer Temu tear at each other’s throats over who can sell the most unnervingly cheap and random items in America, and as TikTok tries to convince the US government it’s really not all that linked to China.

It’s been a rough few months for Shein. First, the US government started to hone in on Chinese e-commerce apps as its new geopolitical skirmish site, then last week Temu filed a lawsuit accusing Shein of trying to illegally squeeze it out of the marketplace. The dogpile grew on Monday when fashion retail giant H&M sued Shein in Hong Kong, accusing it of copying clothing designs.

Now, TikTok is adding to Shein’s worries. TikTok’s e-commerce ambitions have been longstanding and more about trying to replicate its success in Asian markets than needling Shein, but some details from the WSJ’s report add a little insult to injury:

Taking Notes: While TikTok’s e-commerce dreams may predate Shein and Temu’s international success, its business model for manufacturing clothes in China and selling them at knock-down prices abroad has clearly made an impression. “The e-commerce landscape this year is simply that all platforms are adopting this new model,” a merchant manager working for TikTok reportedly told prospective manufacturers invited to an online roadshow, per the WSJ. Seems like a pretty familiar model, to be honest.

– Isobel Asher Hamilton