NEW YORK, Sept 16 (Reuters Breakingviews) - If only FedEx delivered profit as reliably as parcels. Boss Raj Subramaniam blamed macroeconomic trends, but the performance at United Parcel Service (UPS.N) suggests poor judgement made matters worse. FedEx raised wages amid Covid-19, when delivery people were putting in overtime to get toilet paper and hand sanitizer onto doorsteps. Founder Frederick Smith is presiding as executive chairman after Subramaniam ascended to be chief executive in June. FedEx plans to cut back flights, reduce working hours, defer hiring and close some of its office locations to save money.

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