Recession Watch

UPS Package Volume Drops

UPS, usually a reliable indicator of economic transactions, reported this morning that its average daily package volume was down 3.2 percent and next-day air volume off 10 percent in the fourth quarter. While CEO Scott Davis blamed the "severe decline in economic activity around the world," the company's financial chief warned that 2009 will be "one of the most difficult in UPS's history." The company made a fourth-quarter profit but total revenue decreased 5.2 percent to $12.7 billion.