The volatility of the COVID pandemic and rampant inflation exposed deep structural issues at FedEx and in the logistics industry. The "essential workers" are independent contractors who suffer brutal conditions, long hours, and unacceptably low compensation. There must be labor solidarity to advocate for better pay, improved health and safety, and perhaps the legal protections of being a "franchisee" of the struggling shipping giant.
The gloomy forecast from FedEx is indeed staggering, but it's due to a failure to cut costs, rather than "big picture" global economic trends. FedEx is finally trimming expenses by closing offices and freezing new hires. The company needs to improve its agility first, then its performance can be discussed in the context of the logistics industry and global economy.