“There’s a growing percentage of people in pain at the bottom, and something’s got to give,” said Norfolk Southern CEO Mark George. Higher earners are absorbing inflation by saving less.
“On a macro level, not everybody is participating,” said Union Pacific CEO Jim Vena, though overall consumer spending is holding up.
Heating oil is up 73.2% a gallon from…
Railroad CEOs Warn Inflation Is Splitting the U.S. Consumer
Union Pacific’s Jim Vena and Norfolk Southern’s Mark George say the freight they haul shows a two-track economy. Spending is holding up, but saving is shrinking, and heating bills are soaring.
