North American rail traffic up 2.8% for the week ending March 2

The Association of American Railroads or AAR reported U.S. rail traffic for the week ending March 2, as well as volumes for February 2024. U.S. railroads originated 885,548 carloads in February 2024, down 1.3%, or 11,410 carloads, from February 2023. U.S. railroads also originated 1,040,312 containers and trailers in February 2024, up 10.9%, or 102,140 units, from the same month last year. Combined U.S. carload and intermodal originations in February 2024 were 1,925,860, up 4.9% or 90,730 carloads and intermodal units from February 2023. “In February, U.S. rail traffic recovered from disruptions caused by severe winter weather in January. However, a closer look at February’s rail traffic data shows elements that inspire optimism and elements that call for caution,” said Dr. Rand Ghayad, the newly appointed Chief Economist at the Association of American Railroads. “Intermodal volumes have consistently grown over the past six months, signaling increased confidence among consumers and retailers. At the same time, carloads of industrial products remain below levels from last spring and summer, reflecting ongoing challenges in the industrial sector.”Looking ahead, we hope to see improvements in manufacturing output and consumer spending, which are key drivers of rail transportation. This comes as the goods-producing sector begins to rebound from the stagnation experienced in the sector following the post-COVID-19 period.” Excluding coal, carloads were up 20,502 carloads, or 3.3 percent, in February 2024 from February 2023. Excluding coal and grain, carloads were up 15,531 carloads, or 2.8 percent. …Total U.S. weekly rail traffic was 483,138 carloads and intermodal units, up 3.9% compared with the same week last year. Total carloads for the week ending March 2 were 220,406 carloads, down 4.3 % compared with the same week in 2023, while U.S. weekly intermodal volume was 262,732 containers and trailers, up 12%t compared to 2023. North American rail volume for the week ending March 2 on 10 reporting U.S., Canadian and Mexican railroads totaled 324,643 carloads, down 4.6 % compared with the same week last year, and 344,823 intermodal units, up 10.% compared with last year. Total combined weekly rail traffic in North America was 669,466 carloads and intermodal units, up 2.8%. North American rail volume for the first nine weeks of 2024 was 5,792,102 carloads and intermodal units, up 0.9% compared with 2023. Publicly traded companies in the space include CSX (CSX), Canadian National (CNI), Canadian Pacific Kansas City (CP), Kansas City Southern (KSU), Norfolk Southern (NSC), Union Pacific (UNP), Greenbrier (GBX), Trinity Industries (TRN), Rail Vision (RVSN).