Cutbacks in consumer spending hit UPS’ bottom line (AP via Yahoo! News)

The battered U.S. economy took a bite out of UPS’ bottom line as consumers spent less and sent fewer packages in the last three months of 2008. The company Tuesday posted fourth-quarter sales and volume declines and said it will freeze management salaries and suspend 401(k) matches for employees to help UPS weather a difficult 2009.

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