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Monday, June 23, 2008

UPS Warns on "anemic" U.S. Economy

by Calculated Risk on 6/23/2008 05:17:00 PM

From Bloomberg: UPS Reduces Outlook on Fuel Costs, Slowing Economy

United Parcel Service ... lowered its second- quarter profit forecast because of rising fuel costs and a slowing U.S. economy.
UPS said the ``anemic'' U.S. economy was causing customers to cut back on air shipments, its most profitable offering, and that international packages coming into the U.S. were also declining.
Meanwhile from the WSJ: GM Extends Plant Shutdowns, Offers More Sales Incentives
Expanding its efforts to address a steep decline in sales of pickup trucks and sport-utility vehicles, General Motors Corp. plans to extend the summer shutdowns at six plants and to offer more sales incentives to clear its bloated inventory of large vehicles.