The number of package flights operated by both FedEx Express and UPS "significantly declined month over month in July," according to Yahoo! Finance. This shows just how far the overall air cargo market has sunk since the spring of 2022 and the effect of efficiency initiatives the companies have undertaken in response to lower express volumes.

Since the spring of 2022, the overall cargo market has been waning. And the shipping industry's response thus far has been to impose new efficiency initiatives to try to lower costs and accommodate smaller express volumes, according to a report by Natural News. 

FedEx (NYSE: FDX) flew 9% fewer domestic flights last month than in June following small sequential gains the prior two months, with year-over-year flight activity down 14%, according to an analysis by investment bank Morgan Stanley. The year-over-year decline in UPS' flight activity accelerated to 13% from 10% in June. UPS (NYSE: UPS) reduced July flights by 14% from June. Flight activity in May and June, by comparison, was relatively stable. –Yahoo! Finance