Union Pacific’s chief executive officer, Jim Young, said shipments carried by the nation’s biggest freight railroad are stronger than expected this year but still a long way from full recovery, the Associated Press reported.
Jim Young said in an interview Friday that key segments — including agricultural, automotive and intermodal — have shown signs of strength. Railroads are indicators of the nation’s broader economic health because many things consumers and businesses use every day are shipped by rail.
“I’m not willing to say the challenges are over, but some areas are pretty strong,” Young told AP. UP’s total shipping volume is up about 11% from last year.
He said automotive shipments were up 60% from a year ago but far from their peak level of three years ago, while intermodal shipments, rose 20% from last year, AP reported.
Young said the real sign of the rail line’s confidence in the economy will appear when it starts hiring again. Some furloughed employees have been called back to work, but about 3,500 remain on leave, AP said, adding that the railroad has about 42,000 employees.
