{"id":1650247,"date":"2022-09-21T06:07:34","date_gmt":"2022-09-21T10:07:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1650247"},"modified":"2022-09-21T06:08:02","modified_gmt":"2022-09-21T10:08:02","slug":"fedex-ceo-warns-global-recession-looming","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fedex-ceo-warns-global-recession-looming\/","title":{"rendered":"FedEx CEO Warns \u201cGlobal Recession\u201d Looming"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffedex-ceo-warns-global-recession-looming%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1650247&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>As if the U. S. economy wasn\u2019t bad enough, there could be a global recession looming, just in time for the holidays. This was the warning from FedEx CEO Raj Subramaniam on Friday as stock shares of the shipping giant fell 21%, <a href=\"https:\/\/www.cnn.com\/2022\/09\/16\/business\/fedex-warning\/index.html\" target=\"_blank\" rel=\"noopener\">the biggest one-day plunge<\/a> in its history.<\/p>\n<p>The ominous warning came late on Thursday on the heels of an announcement that FedEx would fall $500 million short of its revenue target.\u00a0<\/p>\n<p>Keep in mind, this is after the pandemic and after what was supposed to be the worst of the supply chain crisis.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u201cFedEx sinks more than 22% at the open, its biggest drop since at least 1980.\u201d Now warning of a global recession. <\/p>\n<p>But keep brag tweeting about your booming economy, Joe. \ud83e\udd74<\/p>\n<p>\u2014 Thia is with \u2026 \ud83d\ude0f\u270c\ufe0f\ud83d\udc8b\ud83d\udd25 (@ThiaBallerina) <a href=\"https:\/\/twitter.com\/ThiaBallerina\/status\/1570774920405356546?ref_src=twsrc%5Etfw\">September 16, 2022<\/a><\/p>\n<\/blockquote>\n<p><strong>RELATED: <a href=\"https:\/\/thepoliticalinsider.com\/aoc-sending-illegal-immigrants-to-sanctuary-cities-is-crime-against-humanity\/?utm_source=home-headline-stories\" target=\"_blank\" rel=\"noopener\">AOC: Sending Illegal Immigrants To Sanctuary Cities Is \u2018Crime Against Humanity\u2019<\/a><\/strong><\/p>\n<h3>Not Getting Better<\/h3>\n<p>So what\u2019s the reason for this? FedEx <a href=\"https:\/\/www.cnn.com\/2022\/09\/16\/business\/fedex-warning\/index.html\" target=\"_blank\" rel=\"noopener\">says global demand for packages<\/a> has fallen, especially in the final weeks of the fiscal quarter. The company said that they do not expect the situation to improve in the near future.<\/p>\n<p>CNN reports that FedEx earnings are expected to nosedive more than 40%, which would be crippling for just about any company. But what it means for the wider economy is that they expect a massive drop in shipping.\u00a0<\/p>\n<div id=\"subscribe\" class=\"email-signup inarticle\">\n<h4>Support Conservative Voices!<\/h4>\n<h5><strong>Sign up to receive the latest<\/strong> political news, insight, and commentary delivered directly to your inbox.<\/h5>\n<\/div>\n<p>Think of all the things end-consumers now have shipped, as opposed to in-store purchases. Or goods that are neither top capital goods or finished consumer products. Cut that down by 40% and you begin to see the picture.<\/p>\n<p>FedEx CEO Raj Subramaniam appeared with CNBC\u2019s Jim Cramer recently where he talked about <a href=\"https:\/\/www.cnbc.com\/2022\/09\/15\/fedex-ceo-says-he-expects-the-economy-to-enter-a-worldwide-recession.html\" target=\"_blank\" rel=\"noopener\">some of the measures his company is taking<\/a> to keep costs down. Kramer asked him, \u201cRaj, do you think there\u2019s going to be a world wide recession?\u201d Subramaniam\u2019s response, \u201cI think so. These numbers, they don\u2019t portend very well.\u201d<\/p>\n<p>Subramaniam continued saying, \u201cThe U.S. consumer is definitely spending less. You know the U.S. has been somewhat insulated because the U.S. dollar is the currency of choice for the world, and there\u2019s some insulation there, but I do see the U. S. is slowing down too.\u201d<\/p>\n<p>In order to stay ahead of <a href=\"https:\/\/www.cnn.com\/2022\/09\/16\/business\/fedex-warning\/index.html\" target=\"_blank\" rel=\"noopener\">what may be an impending global recession<\/a>, FedEx has gone into what Subramaniam calls \u201ccost-management mode\u201d by taking measures such as reducing flights, temporarily parking some aircraft, and cutting employee hours.<\/p>\n<p>Some 90 FedEx office locations will be closed and also five corporate offices.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As if we didn&#8217;t need more proof that the <a href=\"https:\/\/twitter.com\/hashtag\/economy?src=hash&amp;ref_src=twsrc%5Etfw\">#economy<\/a> is in a <a href=\"https:\/\/twitter.com\/hashtag\/recession?src=hash&amp;ref_src=twsrc%5Etfw\">#recession<\/a>, <a href=\"https:\/\/twitter.com\/hashtag\/Fedex?src=hash&amp;ref_src=twsrc%5Etfw\">#Fedex<\/a> provided it today. Its profit warning and planned layoffs sent the stock crashing 22%, its biggest one-day fall in 40 years. As consumers pay more but buy less, there&#8217;s fewer packages for Fedex to ship.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1570836133218758660?ref_src=twsrc%5Etfw\">September 16, 2022<\/a><\/p>\n<\/blockquote>\n<p><strong>RELATED: <a href=\"https:\/\/thepoliticalinsider.com\/trump-jokes-that-jd-vance-has-been-kissing-his-ass-after-saying-negative-things-about-him-in-the-past\/?utm_source=home-headline-stories\" target=\"_blank\" rel=\"noopener\">Trump Jokes That JD Vance Has Been \u2018Kissing His Ass\u2019 After Saying Negative Things About Him In The Past<\/a><\/strong><\/p>\n<h3>Most Recent Stock Nosedive<\/h3>\n<p>The FedEx stock tanking followed a volatile week for U.S. stocks. <a href=\"https:\/\/thepoliticalinsider.com\/stocks-were-an-absolute-bloodbath-yesterday\/\" target=\"_blank\" rel=\"noopener\">After a disheartening August inflation report<\/a> on Tuesday, the stock market dropped nearly 1,300 points in one day last week, the most since June of 2020.<\/p>\n<p>The predictions of Dow Jones economists were not much better. The prediction had been a decline in overall inflation by 0.1%, and core inflation increasing to 0.3%. As the Fed meets this week, another 75 point interest rate hike is expected. Ironically, the latest inflation report came out and the stock market fell the day the same day the Biden administration celebrated the passage of the \u201cInflation Reduction Act.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I think before you do anything today in the stock market you have to go back to my interview last night with the Fedex CEO, Raj, Subramaniam, because it&#8217;s a little chilling. The market is now almost totally bifurcated\u2026 And you don&#8217;t want to own the wrong part!!<\/p>\n<p>\u2014 Jim Cramer (@jimcramer) <a href=\"https:\/\/twitter.com\/jimcramer\/status\/1570681805006569472?ref_src=twsrc%5Etfw\">September 16, 2022<\/a><\/p>\n<\/blockquote>\n<p><strong>RELATED: <a href=\"https:\/\/thepoliticalinsider.com\/doj-internal-misconduct-shrouded-in-veil-of-secrecy\/?utm_source=home-headline-stories\" target=\"_blank\" rel=\"noopener\">DOJ Internal Misconduct Shrouded In Veil Of Secrecy<\/a><\/strong><\/p>\n<h3>Anticipation Of Rate Hike<\/h3>\n<p>As of early Monday, the Dow Jones <a href=\"https:\/\/www.cnbc.com\/2022\/09\/18\/stock-market-futures-open-to-close-news.html\" target=\"_blank\" rel=\"noopener\">Industrial Average was down 67 points<\/a>. The S&#038;P 500 and Nasdaq Composite were also slightly down, as all eyes are on the Federal Reserve two-day meeting beginning on Tuesday.<\/p>\n<p>Adam Crisafulli is the founder\/president of Vital Knowledge Market Commentary. He said:\u00a0<\/p>\n<blockquote>\n<p>\u201cIt\u2019s a very quiet session thus far. Stocks have climbed off their lows from earlier in the morning, but sentiment is still very gloomy. The consensus playbook for the week seems to be anticipating a brief rally around the FOMC, which most people plan to use as an opportunity to book profits in preparation for further downside (a return to the June lows is thought by many to be inevitable).\u201d<\/p>\n<\/blockquote>\n<p>Fed Ex is not alone. Several companies saw record lows on Monday, including Charter Communications at a low not seen since March 2020, and Hasbro at a low not seen since August 2020. Drops in such disparate industries is not an encouraging sign.<\/p>\n<p>Raj Subramaniam <a href=\"https:\/\/www.cnbc.com\/2022\/09\/15\/fedex-ceo-says-he-expects-the-economy-to-enter-a-worldwide-recession.html\" target=\"_blank\" rel=\"noopener\">also said to Jim Cramer<\/a>,\u201cWe are a reflection of everybody else\u2019s business, especially the high-value economy in the world.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Asked about FedEx confirming that we\u2019re already in a recession, the Biden Admin\u2019s \u2066<a href=\"https:\/\/twitter.com\/HBoushey?ref_src=twsrc%5Etfw\">@HBoushey<\/a>\u2069 says it\u2019s not their fault, citing Covid, Ukraine, &#038; Puerto Rico losing electricity because of \u201cclimate change\u201d <a href=\"https:\/\/t.co\/e0oCW3YRpJ\">pic.twitter.com\/e0oCW3YRpJ<\/a><\/p>\n<p>\u2014 Tom Elliott (@tomselliott) <a href=\"https:\/\/twitter.com\/tomselliott\/status\/1571866319716319235?ref_src=twsrc%5Etfw\">September 19, 2022<\/a><\/p>\n<\/blockquote>\n<div>\n<p><strong>Now is the time to support and share the sources you trust.<\/strong><br \/>The Political Insider ranks #3 on <a href=\"https:\/\/blog.feedspot.com\/political_blogs\/\">Feedspot\u2019s<\/a> \u201c100 Best Political Blogs and Websites.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As if the U. S. economy wasn\u2019t bad enough, there could be a global recession looming, just in time for the holidays. This was the warning from FedEx CEO Raj<\/p>\n","protected":false},"author":1,"featured_media":1650249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1650247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1650247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1650247"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1650247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1650249"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1650247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1650247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1650247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}