Despite the government's increased creation of money, new federal regulations that stifle companies and cause additional costs, and proposed new taxes, some businesses are pushing ahead with business-as-usual, leading to an uptick in the economy — at least in the short term. The shipping of materials used in industrial production by rail in the United States grew last month to the highest level since October 2008, with Union Pacific enjoying its strongest weekly volume so far this year. UP Chief Financial Officer (CFO) Robert Knight said he continues to see “solid demand” across most business segments, with shipments of industrial products increasing by eight percent annually.
Norfolk Southern’s CFO, James Squires is also positive, maintaining an outlook “which is still upbeat," with expected growth of three percent annually through September. And CSX noted that its industrial shipping volumes are growing at about five percent a year as well. CSX’s CFO said he isn’t concerned about “any kind of overarching sort of dire circumstances around the corner,” as his customers and suppliers are both showing a “general level of optimism.” He added, “Sure, things have moderated, but there is no one in that near state of panic that we saw certainly in late ’08 and ’09.”
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