The AAR Freight Rail Index
(FRI), combines seasonally adjusted rail intermodal
shipments plus carloads excluding coal and grain.
The index fell 0.8% in September 2025 from August
2025, its fifth decline in the past six months. Still, the
index is only 1.0% below its level from a year earlier,
indicating that recent weakness reflects a gradual
adjustment rather than a sharp downturn.
emphasis added
Rail traffic volumes continue to adjust to evolving
market conditions. In September 2025, total U.S. rail
carloads fell 1.2% year-over-year, with 12 of the 20
major carload categories tracked by the AAR posting
declines.
…
U.S. intermodal rail shipments, which are closely tied to consumer demand and international trade, fell 1.3% in
September 2025 from September 2024.