FedEx will raise ground and express shipping rates by an average of 6.9% next year, the company said
New York FedEx will raise ground and express shipping rates by an average of 6.9% next year, the company said Thursday. Freight rates will increase by an average of 6.9% to 7.9%.
Both mark an increase from FedEx's rate hikes for this year.Last week, FedEx warned that a global recession could be coming, as demand for package deliveries around the world tumble.Shares of FedEx plunged 21% last Friday, — the biggest one-day drop in its history — after the company warned that a slowing economy will cause it to fall $500 million short of its revenue target.The weakening global economy, particularly in Asia and Europe, has hurt FedEx's express delivery business.
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