TIGHT JOB MARKET COSTS FEDEX:

FedEx is getting hurt by the tight job market. The package delivery company said Tuesday that its costs are up $450 million in the most recent quarter, as it paid higher wages as it got harder to find new workers and demand for shipping increased. FedEx also cut its outlook for the year, saying earnings will be lower than it previously expected, partly due to the increased costs related to the tight labor market. Competition for hourly workers has become fierce, and many companies are offering higher pay, sign-on bonuses and other incentives. It may get worse during the holidays as companies seek help getting gifts and online orders to shoppers.

ZOOM FIVE9 DEAL PROBED:

A U.S. government committee that reviews foreign investment in telecom is probing videoconferencing company Zoom’s $14.7 billion deal for cloud call center company Five9. In an August filing with the Federal Communications Commission, the Justice Department, which chairs the committee, said it would review the deal “to determine whether this application poses a risk to the national security or law enforcement interests of the United States.” The Justice Department “believes that such risk may be raised by the foreign participation (including the foreign relationships and ownership) associated with the application.”

HOME CONSTRUCTION UP 3.9%:

U.S. home construction rebounded 3.9 percent in August after a July decline with the strength coming in apartment construction. The August increase left home construction at a seasonally adjusted annual rate of 1.62 million units, 17.4 percent above the pace of a year ago, the Commerce Department reported.