Yahoo Finance is reporting that the 1st Quarter profits of UPS are down 55% as revenue dropped 13%, compared to a year ago.

The results missed Wall Street expectations, and UPS provided an outlook for second-quarter earnings that was below analysts expectations. UPS shares fell.

"Clearly, these are extraordinary times," Chief Financial Officer Kurt Kuehn told analysts in a conference call.

The first-quarter profit was 40 cents a share, compared to year-ago earnings of 87 cents a share.

I would expect that things will continue to slowly spiral downward as the recession and the deflation we are now experiencing continues to deepen. The only positive here is that the falling volumes will further reduce our demand for imported oil.