Obamanomics – Union Pacific Cuts 100s Of Jobs On Coal Shipments Collapse

Zero Hedge – by Tyler Durden

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…  

As NBCNews reports,

 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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As we noted yesterday…


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