FedEx raises Freight rates 5.5%
FedEx Freight will increase its general rates by 5.5 percent, the parent company announced Wednesday.
The rate hike will take effect Jan. 14, following net rate increases of 4.9 percent at FedEx Express and FedEx Ground that also go into effect in early January.
FedEx National LTL, which focuses on long-haul moves, will implement a similar rate increase as FedEx Freight.
The demand for freight shipping is 'severely restrained' by the weak national economy, the company said, noting the 6 percent drop in less-than-truckload shipments reported last week for second quarter earnings.
UPS and DHL also have announced 4.9 percent increases for domestic ground and export shipments.
FedEx raises Freight rates 5.5%
