NEW YORK (CNN/MONEY) - These ought to be tough times for service companies like Federal Express that depend on the general level of business activity.

Not only has the economy turned sluggish, but most retailers recently have reported disappointing sales as consumer spending has slowed. And to top it all off, high oil prices are pushing up the cost of gasoline and jet fuel.

None of those problems has clipped the wings of Federal Express, however.

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