Why Investors Should Pay Closer Attention to Industrial Labor Supply

After steadily hiring during the pandemic, Amazon found itself in the unusual position of being overstaffed in the second quarter as the spread of the variant subsided and employees returned from leave. In its quarterly earnings call last month, the e-commerce giant disclosed it had 99,000 fewer employees than in the first quarter, pivoting to its lowest hiring rate since 2019 and allowing attrition to reduce the size of its overall staff, primarily in its fulfillment and distribution network.