ATLANTA (TheStreet) — UPS on Tuesday offered an unusually glum outlook for the world economy, as CEO Scott Davis proclaimed “our customers are increasingly nervous” and said second-half domestic gross domestic product growth would be around 1%.
UPS’ results are considered to be a key indicator of the global economy because, at any given moment, the company has 6% of the U.S. GDP and 2% of the world’s GDP in its system. It reported Tuesday that it missed analysts’ earnings and revenue estimates and it cut full-year guidance.
“Economies around the world are weakening and our customers are increasingly nervous,” said Davis, on the second-quarter earnings conference call Tuesday morning. “Current second-half economic forecasts for the U.S. are too high — GDP growth will likely be closer to 1%.” …
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Here is the original post: Downbeat UPS Sees 1% Second-Half GDP Growth
