CN is a bellweather of the economy. This isn't good.
By Mark Bonokoski of Sun News Media
The bad news for Canada’s economy is only getting worse.
CN Rail confirmed our faltering economy — aided by Donald Trump’s trade war with China and China’s hard-nosed approach to Canadian exports over the house arrest of a top Huawei executive at the behest of the U.S. — has begun cutting back freight volumes and laying off upwards of 1,600 workers.
This was seen coming, of course, when CN’S chief financial officer, Jean-jacques Ruest, put out a public warning in September that some of his company’s rails were a little dodgy.
“One in five Canadian jobs is dependent directly on trade,” he told CTV. “And we have a problem of a collapse of market access with the rest of the world, and with the United States.”
But where was this found in the election campaign as Canadian exports of canola, beef and pork were being terminated by China as two Canadians, Michael Kovrig and Michael Spavor, continued to languish in its jails on trumped-up charges because of the Huawei executive’s house arrest in Vancouver?
“One in five Canadian jobs is dependent directly on trade. And we have a problem of a collapse of market access with the rest of the world, and with the United States.” John moore, former federal industry minister
I heard CN's conductors and engineers were in a strike position, but I didn't know their business is slowing..
IHJ works for CP, he should know more about this.