⁍ Without more support from Congress, reduced capital spending would result in the loss of 775 jobs.


⁍ Further reductions in train service by state partners would likely result in 1,625 job losses.


⁍ U.S. transit and airline demand has been devastated by a massive falloff in travel due to the coronavirus pandemic.


– Amtrak is warning that it could lose another 2,400 jobs if it doesn’t receive $4.9 billion in government funding for the current budget year, Reuters reports. The government-supported passenger railroad, which received a $1 billion bailout in April after ridership fell by 96%, says reduced capital spending and further cuts in service by state partners would result in 775 job losses and 1,625 job losses. Without the new funding, “we will be unable to avoid more drastic impacts that could have long lasting effects on our Northeast Corridor infrastructure and the national rail system,” says the railroad’s chief executive. Amtrak says it has already cut 2,000 jobs, mostly in New York City and Washington, DC. “Unlike other modes of transportation, such as airlines, rail, and public transit, these transportation industries have not received direct economic relief to date, putting them in peril,” several trade groups said in a statement. US passenger airlines are seeking a $25 billion bailout, while major US public transit systems have sought $32 billion to keep municipal buses and trains running. Last week, the US private motorcoach, school bus, and domestic passenger vessel industries said they collectively furloughed or laid off an estimated 308,000 employees over the last eight months. “Unlike other modes of transportation, such as airlines, rail, and public transit, these transportation industries have not received direct economic relief to date, putting them in peril,” the groups said.



Source: https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazils-real-rises-record-retail-sales-help-lift-mood-idUSL1N2GZ0YN