General Information
Class I employment level remained flat in March
(Source: Progressive Railroading 04/28/2020) Class Is employed 127,867 workers as of mid-March, up 0.18 percent since mid-February, but down 11.78 percent compared with March 2019’s employment level, Surface Transportation Board data shows. Four of six employment categories logged month-to-month decreases. They were: professional and administrative, down 0.66 percent to 10,746 employees; transportation maintenance of equipment and stores,…
Read MoreRail industry positioned for resilience despite coronavirus toll
(Source: Freight Waves, April 27, 2020) CHATTANOOGA, Tenn. — North American rail volumes have fallen both week-over-week and year-over-year in the face of the coronavirus pandemic. The fall comes as nonessential businesses close up shop and consumers become less inclined to spend money in light of a likely recession. Full story: Freight Waves Tuesday, April 28,…
Read MoreRailroaders may be eligible for pandemic unemployment benefits
(Source: Progressive Railroading 04/27/2020) Railroaders may be eligible for benefits under the Pandemic Unemployment Assistance (PUA) that was established under the federal Coronavirus Aid, Relief and Economic Security (CARES) Act, according to the Brotherhood of Locomotive Engineers and Trainmen (BLET) and the Railroad Retirement Board (RRB). The U.S. Department of Labor has advised the RRB’s general counsel that PUA…
Read MoreUP CEO says railroad is well-equipped to make it through terrible near-term freight conditions
(Source: Railway Age, April 24, 2020) NEW YORK — Union Pacific reported an all-time best operating ratio of 59% in 2020’s first quarter, based on net income of $1.5 billion, or $2.15 per diluted share. This compares to $1.4 billion, or $1.93 per diluted share, in first-quarter 2019. “Against the backdrop of the emerging COVID-19…
Read MoreUnion Pacific pulls 2020 operating ratio, volume forecast as pandemic concerns deepen
(Source: Reuters, April 23, 2020) NEW YORK — U.S. railroad operator Union Pacific Corp. topped Wall Street estimates for quarterly profit on Thursday, but withdrew its full-year operating ratio and volume forecasts as business shutdowns triggered by the coronavirus crisis weigh on the U.S. economy. Full story: www.nasdaq.com Monday, April 27, 2020
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