FedEx announces rate increase for freight shipments

MEMPHIS, Tenn. (AP) -- FedEx Corp. today announced a general rate increase of 5.5 percent for its freight trucking division to take effect Jan. 14.

The Memphis-based shipping company noted a 6 percent drop in less-than-truckload shipments with FedEx Freight in second-quarter earnings report last week.

The company says the demand for freight shipping is "severely restrained" by the weak national economy.

The rate increase for freight will not affect FedEx's other shipping divisions, FedEx Express and FedEx Ground, which have already announced rate increases.

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