This was a key indicator for where the economy was headed on a global scale.
Just a few months later we’ve received confirmation of this trend from FedEx, one of the largest shipping companies in the world.
Yes, Americans are still shopping, but they aren’t shopping at the same pace they were five years ago. Their jobs have been eliminated, wages reduced and credit has been restricted. FedEx’s latest earnings report is proof positive of this:
Earnings for the first quarter were below our expectations as weak global economic conditions dampened revenue growth, drove a shift by our customers to our deferred services and outpaced our near-term ability to reduce FedEx Express operating costs to match demand levels. Read more.....