That was a short-lived rally.
A week after posting volume gains across all commodities and intermodal, freight on U.S. rail lines swung to a loss in all but one category for the week ending Jan. 31.
Freight on American railroads came to 434,361 carloads and intermodal units, down 15.5% percent compared with the same week a year ago.
The Association of American Railroads reported 191,188 total carloads, 14% weaker compared with the same week a year ago. Intermodal volume was 243,173 containers and trailers, off 16.6%.
Grain was the lone gainer, up 2.9% for the week.
Nonmetallic minerals led decliners, 29.8%, trailed by motor vehicles and parts, 27.9%, and coal, 16.5%.
Analyst Larry Gross in a LinkedIn post blamed a portion of intermodal’s decline on harsh weather and cold in the eastern portion of the country. “But this follows a slightly smaller decline in week three, so I’m not sure that’s the full story. The total drop in the past two weeks exceeds 13%.”
Through the first four weeks of 2026, U.S. railroads saw cumulative volume of 863,558 carloads, up 4.4% y/y, and 1,068,353 intermodal units, down 3.5%. Total combined U.S. traffic 1,931,911 carloads and intermodal units, weaker by 0.1%.
North American rail volume for the week on 9 reporting U.S., Canadian and Mexican railroads totaled 292,065 carloads, a decrease of 10.2% y/y. Intermodal volume of 318,595 containers and trailers was 15% short of year-ago levels. Total combined traffic was 610,660 carloads and intermodal units, down 12.8%. Volume for the first four weeks of 2026 was 2,667,190 carloads and intermodal units, up 0.1%.
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Find more articles by Stuart Chirls here.
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