FedEx has lowered its full-year outlook, expecting low-single-digit-percent revenue growth year over year, down from its previous projection of a low-to-mid-single-digit increase. It expects earnings per diluted share to range from $17.90 to $18.90, compared to the earlier forecast of $18.25 to $20.25.

FedEx lowered its full-year revenue forecast and missed Wall Street estimates for first-quarter profit on Thursday as customers continued to trade down from speedy, pricey delivery to cheaper, slower options.

FedEx said a weaker industrial economy produced a “challenging” quarter that caused it to trim its outlook for later this year, a sign of possible cooling in the wider economy.

Analysts see a potential spinoff of FedEx’s freight business as a possible boost, but the stock is dropping sharply

The shipping carrier is calling out a growing trend that speaks volumes about the current state of the industrial economy.