Based on today’s PDU, the company has ZERO desire to begin negotiations for a new CBA.

If we don’t see any growth, this is bad news for two things:

1) CBA negotiations, and
2) Off-the-street new hires (i.e. non-LIFT)

I would be surprised if we see a new CBA before 2021. The NC seemed like a weak group when it was announced, so I wouldn’t expect much positive news coming any time soon.