Profits at big U.S. companies broke records last year, and so did pay for CEOs. The head of a typical public company made $9.NEW YORK – For UPS, it’s beginning to look a lot like a normal Christmas.
Wednesday was forecast to be the busiest day of the year for the world’s largest package delivery company. It expected to deliver a record 24 million shipments in 24 hours. That is 9 percent higher than last year and 2007 – the year before the recession took hold. It’s 60 percent higher than a typical day.
But here’s the bigger picture: After two lackluster holiday seasons, consumers are shopping again. Much of it is online, where they’re spending more than ever before. The growing number of e-commerce orders handled by UPS and smaller rival FedEx over the past two years helped offset lower shipments in other segments.
As of Friday, shoppers have spent $27.46 billion online since Nov. 1, up 12 percent from last year, according to research firm comScore Inc. Online holiday sales rose just 5 percent between 2008 and 2009.
Retail experts predict total holiday spending will increase 2 percent to 4 percent over last year.
FedEx, based in Memphis, Tenn., had its busiest day last week, when the company predicted it would pick up a record 16 million shipments on Dec. 13. That’s up 13 percent from last year.
