Global shipping company UPS said Tuesday that the U.S. economy is slowing down as its revenue fell 6 percent in the first quarter compared to a year earlier.
The company’s operating profit, it said, also fell about 22 percent. Its earnings also fell short of Wall Street forecasts for the quarter, according to Reuters.
“In the first quarter, deceleration in U.S. retail sales resulted in lower volume than we anticipated, and we faced ongoing demand weakness in Asia,” said the Atlanta-based firm in an earnings statement. “Given current macro conditions, we expect volume to remain under pressure. We will remain focused on driving productivity while investing in efficiency and growth initiatives, enabling us to come out of this demand cycle even stronger.”…