The Wall Street Journal has reported that:

FedEx Corp.'s U.S. customers who opted for lower-priced ground services over premium air services amid the recession don't appear to be switching back in large numbers as the economy improves. Many U.S. customers who switched have found the speed of FedEx's ground deliveries suitable for their needs. In the U.S., FedEx's average daily volume of overnight deliveries of boxes and envelopes was up less than 1%, meaning it was essentially flat, in the fiscal year ended May 31. Meanwhile, average daily package volume in the company's ground division, including its SmartPost unit, was up about 12% for the year.
FedEx Corp.expects the U.S. Senate to alter an aviation bill that would change the labor laws governing its drivers.
Judging by the action in the markets, FedEx isn’t really living up to its billing as a bellwether for the broader economy on Wednesday. Heck, it’s barely even influencing the transportation sector. The conventional wisdom is that if shipper reports improved activity, or significantly reduced activity, that’s a handy signal activity at an array of other businesses. By that standard, Wednesday’s news from FedEx was mixed.