The dogged news hounds at Calculated Risk picked up on remarks made on the UPS conference call which are worth recording.

UPS’s first quarter results illustrate the dramatic slowing in the U.S. economy. At our investor conference on March 12th, we told you that volume growth in January had been up 3%. But in the six weeks prior to the conference, it had been negative. We also said if these trends persisted through March, we would not achieve the earnings guidance we had provided for the quarter. [The] trends did continue. Many have become sharply more negative in the last two months. …

We are restricting hiring, except in the sales arena. We are stopping all non-critical projects. And limiting discretionary spending including business travel, relocations and consulting services.

Res ipsa loquitur. The party in the stock market continues.

Edit: Starbucks Corp. late Wednesday warned its second quarter and full-year profit will be hurt by decreased traffic at its U.S. stores and a “sharp weakening in the U.S. consumer environment.”

Hellooo. Anyone listening?