Business at Canadian National Railway Co. has gone downhill since mid-March, leading to thousands of temporary job cuts at the company as the COVID-19 pandemic rips into a sector that serves as a barometer of economic cycles.
Revenue ton miles — a key industry metric — fell 15 per cent year over year in April and 21 per cent in May, CEO JJ Ruest said Thursday, speaking at a conference held online. “Business has been slowing down since mid-March, April was lower than March and May was lower than April,” he said. “June might be flat to May,” although it could be the “tipping point … slightly.” CN Rail has cut its workforce by 5,800 employees or 21 per cent since May 2019, including 3,500 workers furloughed due to the pandemic, Ruest said.