It seems that everyone is still on board with the explanation that the layoffs are being caused by declining consumer demand. This article gives a good sense of what to expect not only with regard to UPS, but the storage and shipment industry as a whole. Lookout for 2024 - not good.
https://investorplace.com/2023/12/united-parcel-service-layoffs-2024-what-to-know-about-the-latest-ups-job-cuts/