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posted on 11 November 2016

Rail Week Ending 05 November 2016 - Finally A Positive Week

Week 44 of 2016 shows same week total rail traffic (from same week one year ago) marginally expanded according to the Association of American Railroads (AAR) traffic data. Rolling averages remain in contraction - but are improving.

Analyst Opinion of the Rail Data

We review this data set to understand the economy. If coal and grain are removed from the analysis, rail has recently been declining around 5% - but this week was -3.4 %. This week the one year rolling average again improved - but it remains in contraction.

The contraction in rail counts began over one year ago, and now rail movements are being compared against weaker 2015 data - and this is the cause periodic acceleration in the short term rolling averages. Still, rail is weak to very week compared to previous years.

This analysis is looking for clues in the rail data to show the direction of economic activity - and is not necessarily looking for clues of profitability of the railroads. The weekly data is fairly noisy, and the best way to view it is to look at the rolling averages (carloads and intermodal combined).

Percent current rolling average is larger than the rolling average of one year ago Current quantities accelerating or decelerating Current rolling average accelerating or decelerating compared to the rolling average one year ago
4 week rolling average -1.5 % decelerating accelerating
13 week rolling average -4.2 % accelerating accelerating
52 week rolling average -7.0 % decelerating accelerating

A summary of the data from the AAR:

The Association of American Railroads (AAR) today reported U.S. rail traffic for the week ending November 5, 2016.

For this week, total U.S. weekly rail traffic was 543,377 carloads and intermodal units, up 0.7 percent compared with the same week last year.

Total carloads for the week ending November 5 were 271,262 carloads, down 0.4 percent compared with the same week in 2015, while U.S. weekly intermodal volume was 272,115 containers and trailers, up 1.7 percent compared to 2015.

Four of the 10 carload commodity groups posted an increase compared with the same week in 2015. They included grain, up 22 percent to 28,655 carloads; nonmetallic minerals, up 3.8 percent to 36,572 carloads; and motor vehicles and parts, up 2.9 percent to 18,403 carloads. Commodity groups that posted decreases compared with the same week in 2015 included petroleum and petroleum products, down 16.3 percent to 10,877 carloads; miscellaneous carloads, down 10.8 percent to 8,812 carloads; and metallic ores and metals, down 9.7 percent to 18,575 carloads.

For the first 44 weeks of 2016, U.S. railroads reported cumulative volume of 11,075,472 carloads, down 9.8 percent from the same point last year; and 11,431,547 intermodal units, down 2.9 percent from last year. Total combined U.S. traffic for the first 44 weeks of 2016 was 22,507,019 carloads and intermodal units, a decrease of 6.4 percent compared to last year.

Coal is over 1/3 of the total railcar count, and this week the EIA says coal production is 2.5 % higher than the production estimate in the comparable week in 2015.

The middle row in the table below removes coal and grain from the changes in the railcar counts as neither of these commodities is economically intuitive.

This Week Carloads Intermodal Total
This week Year-over-Year -0.4 % +1.7 % +0.7 %
Ignoring coal and grain -3.4 %
Year Cumulative to Date -9.8 % -2.9 % -6.4 %

[click on graph below to enlarge]

Current Rail Chart:

z rail1.png

For the week ended November 5, 2016

  • Estimated U.S. coal production totaled approximately 16.9 million short tons (mmst)
  • This production estimate is 0.5% lower than last week's estimate and 2.5% higher than the production estimate in the comparable week in 2015
  • East of the Mississippi River coal production totaled 6.3 mmst
  • West of the Mississippi River coal production totaled 10.6 mmst
  • U.S. year-to-date coal production totaled 623.5 mmst, 19.8% lower than the comparable year-to-date coal production in 2015

Coal production from EIA.gov

Steven Hansen



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