NEW YORK (AP) -- CSX Corp., the nation's third largest railroad, said Tuesday it's trying to keep a lid on hiring to keep costs low despite the economy's positive momentum. The Jacksonville, Fla., railroad mirrors the situation in the broader economy: business is better, but companies are still reluctant to hire in large numbers because they're still not sure about the strength of the recovery.
The company furloughed a large chunk of its workers when the economy turned sour last year, and it hasn't yet brought all those employees back to work. In an interview with The Associated Press, CEO Michael Ward said the company has tried to make its network more efficient as shipping volume has improved.
That includes putting one person in jobs that used to be handled by two, like train operators in rail yards for example. CSX has also made trains longer, which allows them to carry more without adding employees.
On Monday CSX Corp. was the first railroad to report second-quarter results. Earnings rose 36 percent from a year earlier. Revenue in every shipment category rose in the three-month period except food and consumer shipments, which were flat.
Railroads are considered a key indicator of broader economic health because they haul so many things used by consumers and businesses.
