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Thursday, December 17, 2009

FedEx Reports Jump in Package Deliveries

FedEx reported Thursday that it shipped 1,000,000 more packages than expected on Monday -- which it anticipates will be its peak shipping day this holiday. The firm reported that this year's busiest day is up 17% from its busiest day last year.

FedEx CEO, Fred Smith further observed that their business has now observed a significant "turning point," and that the company will resume some normal human resources benefits that it had suspended for employees in 2009.

Photo Source: Google Images
"Global economic conditions are improving," Smith said in an investor conference call Thursday. Executives went on to cite their outlook for "modestly improving economic conditions." Because of those improvements, FedEx said it will restart merit salary increases and resume its retirement-plan matches for those employees who participate in their 401(k) program. Both policies had been put on hold.

FedEx is among a growing list of companies that are lifting freezes on raises and expense control measures that were imposed during the recession. According to a survey by Watson Wyatt -- a benefits and human-resources consulting firm -- about half of all large U.S. companies that froze salaries for 2009 plan to unfreeze them for 2010, and over a third of companies that reduced 401(k) matching contributions plan to restore them in 2010.

FedEx's comments further confirm "very good signs" for retailers this holiday season and their results will be far from lackluster as many economic pundits had widely predicted earlier this year.

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