Freight railroad Norfolk Southern
NSC,
mentioned in a workers memo Thursday that it’s shedding 7% of its non-union workforce amid a troublesome freight cycle.
Workers affected embrace administration and administrative workers. Based on Norfolk Southern’s employment information offered to the Surface Transportation Board, this could roughly translate to a discount of round 330 employees.
“The overall macroeconomic environment and prolonged weak freight market has limited the amount of business we can attract, and our cost structure is too high for our top line,” Norfolk Southern CEO Alan Shaw mentioned within the memo. The firm added that it’s providing a voluntary separation program.
Transportation firms have confronted decrease freight and parcel volumes final 12 months and a few have lowered headcount.
Source web site: www.marketwatch.com
