Rail Layoffs Seen Rising as N. America Cargo Slump Saps Profits
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Additional railroad layoffs loom on top of more than 1,000 job cuts this year as North American carriers including Union Pacific Corp. and Canadian National Railway Co. try to cushion a second-quarter earnings slump.
The reason: Shipments of grain and energy products are weakening, with carloads in North America falling 2.3 percent in the three months ended June 30, according to Bloomberg data based on Association of American Railroads statistics.