Union Pacific CEO sees strong economy coming out of pandemic | Business
OMAHA, Neb. — As Union Pacific’s CEO, Lance Fritz has had to find ways to keep the freight moving during the coronavirus pandemic as the economy nearly ground to a halt and then roared back to life. Now he is working to help clear up a major backlog in imported shipments.
In the spring of 2020 — at the height of the restrictions related to the pandemic — shipping volume fell more than 20% before rebounding sharply later that year. Railroads had to cut staff quickly while still making sure they had enough people to cover virus-related illnesses and quarantines before rehiring at a fast pace to handle the return in volume.
Current shipping volumes are nearly even with 2019 signaling that demand is back at…