by Calculated Risk on 9/11/2009 09:08:00 AM

Press Release: FedEx Corp. First Quarter Earnings to Exceed Guidance

FedEx expects ... a continued modest recovery in the global economy. ...

“Despite some encouraging signs in the global economy, it is difficult to predict the timing and pace of any economic recovery. Revenue per shipment declined year over year in each of our transportation segments, as fuel surcharges declined significantly and we continue to face a very competitive pricing environment combined with significant overcapacity in the LTL freight market.” ... said Alan B. Graf, Jr., FedEx Corp. chief financial officer.
emphasis added

UPS and FedEx are usually good indicators for the economy. The increase in earnings (compared to guidance) was due to international volumes and cost cutting, not domestic volumes.

Still no signs of green shoots in the U.S.