FedEx: Economy improving but cutting 1,700 jobs

(CNN) -- FedEx says it expects "moderate growth" in the global economy going forward. But the world's second-largest courier service also says it will cut 1700 full-time workers and close about 100 facilities as it consolidates two of its divisions.

In its quarterly earnings report, released this morning, the company said net income was up more than 110-percent over the same quarter a year ago -- rising to 380-million.

FedEx's top executive cited "improved global economic conditions" as one factor boosting demand for shipping services.  FedEx is viewed as an economic bellwether because of its size and global