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“Positive momentum in the global economy and continued execution of our business strategy drove volume growth across all FedEx transportation segments, highlighted by increased international shipments.”

FedEx is sandbagging the current quarter.  No doubt about it.  More importantly, however, they see some traction in the recovery – particularly abroad.  This gives more merit to the overweight foreign, underweight domestic trend we’ve been seeing across our strategy outlooks.

  • Despite signs of recovery from FedEx it’s likely to be well below trend as we continue to see in the Chinese water torture that is initial jobless claims.  Claims once again spiked higher this morning to 480K.  Without job creation it’s unlikely that the economy can sustain any sort of trend-line growth.  Jobs remain the missing link in the recovery and it’s simply staggering that we are this far into the crisis and so little progress has been made….


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