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UPS CFO: U.S. Economy "Unexciting"

Posted by Genie Wood on Thu, Oct 21, 2010 @ 05:54 AM

UPS Inc. said Thursday the U.S. economy is showing more signs of life but not recovering fast enough.

UPS Chief Financial Officer Kurt Kuehn said the economy is stable but "unexciting," in an interview with the Associated Press. The world's largest package delivery company still raised its full-year earnings forecast as strong demand continued for goods from Asia. Businesses are also paying more to ship packages faster, bucking the trend of "trading down" seen at the beginning of the recession.

The U.S. economy will "not be at the level you will be hoping for in the next couple of quarters," Kuehn said. "We're not overly optimistic about a rapd recover, but we feel pretty good about Asia, we're seeing record progress."

Asian imports, especially electronics, have helped to boss UPS profits this year as U.S. growth remains slow. The company's third quarter earnings went up 81 percent.

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