Fedex CEO warned of 'worldwide recession' a year ago. Here's what he sees now
Publishing timestamp: 2023-11-02 12:41:58
Summary
FedEx CEO Raj Subramaniam maintains that his previous warning of a worldwide recession remains correct, despite the global economy avoiding a recession. He cites three negative trends in the industry: a slowing industrial economy, a shift in consumer spending towards services, and an e-commerce reset. While FedEx has outperformed the market and seen increased operating profits, Subramaniam remains cautious about the global trade environment and the need for inventory restocking. Other logistics CEOs are also concerned about weak demand and freight business models.
Sentiment: MIXED
Keywords: technology, global trade, world economy, business news, target corp, united parcel service inc, breaking news: economy, trade, fedex corp, economy, u.s. economy,