Air Volumes Flat, Ground Solid

According to its proprietary Air Express Demand Index, Morgan Stanley reported import/export volumes at Federal Express and UPS increased 2% year-over-year in February, equal to the increase for January. FedEx reported a 1% decline in domestic air volumes in February and an 8% year-over-year increase in total international export shipments. Analyst James Valentine said he expected UPS to report a year-over-year increase of 1% in domestic air volumes and a 10% increase in international export shipments.

January marked the fifth month in a row of year-over-year increases in non-durable goods shipments after 15 straight months of declines. This leads Morgan Stanley to conclude the industry will see an overall increase in ground parcel volumes for the quarter ending in March.

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