What UPS Tells Us About The Economy
View Source | May 1, 2023 1:49 pm
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- UPS, one of the best barometers of U.S. economic growth along with FedEx, confirmed what the tea leaves were already signaling to investors: The economy is slowing and there may be more short-term pain ahead.
- “I’m treating it like a challenging volume and macro environment. We had expected to have modest recession-like conditions in the first two quarters of the year. I would tell you the first quarter, I expect to be the most challenging” Brian Newman, chief financial officer for UPS, told FOX Business.
- As a result, the delivery giant forecast full-year revenues of $97 billion, down from its $99 billion previous target.
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