- Canadian Pacific Railway (CP +2.1%) will begin laying off 500 maintenance workers today, as lower volumes have drained profits.
- The layoffs, which CP says are temporary, have prompted safety concerns as fewer people maintaining and monitoring the track could increase the likelihood of an accident.
- "Economic growth in North America right now is slow,” says a company VP for public affairs. “Farmers aren’t shipping grain right now. There’s an expectation that the crops will be very large, but nobody is shipping anything right now.”