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FedEx Income Decreases

FedEx ($FDX@US) is processing fewer packages, and economists fear it’s an ominous sign for the economy. FedEx’s operating income fell by 69%, according to the shipping company’s latest earnings report released last Thursday. It has announced that it will raise its shipping rates by approximately 7%. FedEx also faces similar challenges in Europe, where recession looms, and in Asia, which is struggling amid COVID lockdowns. It’s moving less inventory and fewer packages, as business across the globe slows down. FedEx’s numbers followed a similar pattern with the recessions in 2020, 2009, and 2001.
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