– Obamanomics – Union Pacific Cuts 100s Of Jobs On Coal Shipments Collapse (ZeroHedge, Aug 14, 2015):
There will be more Americans tonight newly questioning President Obama’s Clean Power Plan, as NBCNews reports, Union Pacific will cut hundreds of management jobs as the amount of coal shipped by railroads continues to plunge.
Coal carloads down YoY 25 weeks in a row…
The Omaha company reported late last month that coal volume dropped 26 percent in its most recent quarter and said it believed that demand for coal would remain weak for the rest of the year.
Union Pacific spokesman Aaron Hunt said Thursday that the cutbacks were job eliminations, not just temporary layoffs. He wouldn’t confirm a specific number or say where the cuts would fall in the coming months.
The company says severance packages will be available for some who will lose their jobs.
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It isn’t all from coal, it is from everything. Less products are being sold, less trains are needed…..the train companies rely on transportation demands from a consumer market that continues to contract.
The western economy has been growing at the sorriest rate I have even seen, yet the greedy gut controlled talking financial heads insist it isn’t in the negatives…..as if 0.02% growth in the last quarter shows anything but loss……
This is the result of yet another contraction of the world economy……and even greedy guts cannot control the consumption rate of the people……they buy less each quarter.
It is more far reaching than just coal………………The world depression is showing everywhere, just look at what is happening in the US, China and the EU.