Amazon and UPS on Tuesday announced tens of thousands of job cuts, the latest signal that the U.S. labor market is downshifting.

Amazon confirmed plans to reduce its corporate workforce, impacting 14,000 employees. The company cited a need to be more lean and the increasing prevalence of artificial intelligence as reasons for the cuts. Those who do not find a new role will be offered severance pay and other transition benefits.

Amazon announced plans to hire 250,000 employees for the holiday season, including about 11,000 full-time, part-time and seasonal positions in Ohio. Amazon's pay for seasonal roles averages over $19 per hour, while regular employees earn an average of $23 per hour.

Amazon is betting that its large language model is large enough to do the jobs of 14,000 humans. The company announced in a memo today that it would be cutting 14,000 corporate jobs as part of its larger aim of “reducing bureaucracy,

Internal documents show the company that changed how people shop has a far-reaching plan to automate 75 percent of its operations.