May 21 2010 08:56 AM

The Washington Post has reported that "Shipping giant UPS, which said just last month that the improving economy helped boost its first-quarter profit and its outlook for the year, is preparing to furlough dozens of pilots for the first time ever as part of a long-anticipated cost-cutting move. The company, which has 2,819 pilots, said it simply has more pilots than it needs. It says it tried, but failed, to reach a deal with the pilots union on enough concessions that would have averted the need for furloughs." Read more here.