‘Clearly what IMF had characterized as a global economic slowdown has only intensified in recent weeks and months’
By Kiran N. Kumar
On Friday, Sep 16, the US market sent out signals of an imminent economic slowdown with FedEx Corp registering a sharp drop in package deliveries, its shares suffering a loss of 21%, its biggest percentage drop ever.
The shares plunging faster than ever, close to a similar downturn witnessed in Facebook parent Meta, General Electric and Verizon Communications point to an inevitable worry among investors with an inevitable cascading effect that may erode hundreds of millions of dollars from the markets.
Read: Recession 2022: Will it be different from 2008? (August 6, 2022)
The shrinking volumes of shipping deliveries by FedEx and its rival United Parcel Service Inc have confronted lower volumes of packages this year, indicating not merely the supply chain impediments but a broader downtrend in…
