Continued Economic Uncertainty Reflected in Rail Volumes
…
In November 2025, total U.S. rail carloads were up
1.5% over November 2024, and 9 of the 20 major rail
carload categories posted year-over-year gains. …U.S. rail intermodal shipments, which are driven primarily by consumer goods, fell 6.5% in November 2025
from November 2024. Year-to-date intermodal volume through November was 13.00 million containers and
trailers, up 1.9% (nearly 247,000 units) over last year.
emphasis added
The AAR Freight Rail Index
(FRI) combines seasonally adjusted month-to-month
rail intermodal shipments with carloads excluding
coal and grain. The index is a useful gauge of
underlying freight demand associated with the
industrial and consumer economy. The index fell
0.4% in November 2025 from October 2025, its
seventh decline in the past eight months. The index
is 4.4% below its year-earlier level, largely because of
the intermodal slowdown in recent months.