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North American rail traffic continued to send mixed—but generally constructive—signals during the week ending June 20. Total carloads posted only modest year-over-year growth, but that headline masks improving conditions across many commodity groups. Meanwhile, intermodal remains one of the strongest segments of the freight market, with domestic equipment continuing to power gains.
Here are the key takeaways from this week's Rail Market Update podcast.
Carload Growth Remains Broad-Based
Total North American carloads increased 0.9% from the same week last year, while the four-week average improved 1.7%. Although overall growth was modest, most major commodity groups recorded positive results.
Notable areas of strength included:
- Metallic products: +9.7%
- Agriculture: +8.2%
- Forest products: +6.8%
- Chemicals: +1.2%
- Non-metallic minerals: +0.4%
Metallic products continue to outperform, with gains spread across all four subcategories. Agriculture also remained healthy, led by grain and farm product shipments.
Chemical traffic is still expanding, although the pace has slowed compared to the strong growth experienced earlier this year.
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This article was created from an excerpt from FTR's biweekly rail podcast with Joseph Towers.
Weakness Remains Concentrated
Several commodity groups offset much of the positive momentum elsewhere.
The largest declines came from:
- Coal: -7.1%
- Automotive: -4.8%
- All Other Commodities: -12.5%
Coal continues to follow the softer trend seen throughout much of the past quarter, while automotive volumes remain volatile despite improving on a four-week basis.
Intermodal Continues to Separate Itself
Intermodal once again delivered the strongest performance in the rail market.
Total intermodal traffic increased 9.2% year over year during the latest week, marking the sixth consecutive week with growth exceeding 5%.
The gains continue to be driven primarily by U.S. Class I railroads, while Canadian intermodal volumes remain weaker.
Equipment trends show strength across both major categories:
- Containers: +9.0%
- Trailers: +17.0%
Although trailer volumes represent a much smaller share of total intermodal traffic, they continue to post exceptionally strong growth.
Domestic Freight Is Driving the Market
One of the most important observations from this week's analysis is where intermodal growth is actually coming from.
International trade data suggests imports are not responsible for today's strength:
- U.S. containerized exports are up only 1.4% year to date.
- U.S. containerized imports are down 5.8%.
With international container volumes remaining soft, current intermodal growth is being driven overwhelmingly by domestic freight movements.
That distinction matters because it reflects underlying domestic transportation demand rather than temporary shifts in import activity.
Looking Beyond the Weekly Headlines
Stay Ahead of the Rail Market
Purchase an FTR Rail Update subscription and receive discounted registration to the Rail Track at the FTR Transportation Conference. Get year-round rail market intelligence, forecasts, and analyst access—plus two days of in-depth rail freight and equipment insights from the industry's leading experts.
Weekly traffic reports provide an important snapshot of market conditions, but understanding what's driving those movements requires a deeper look at commodity flows, equipment types, corridors, and longer-term trends.
FTR's Rail Update and Intermodal Monthly services provide detailed analysis that goes beyond weekly traffic numbers to help subscribers understand where demand is strengthening, where risks remain, and what those trends could mean for rail freight and equipment markets.
For organizations making strategic decisions around rail transportation, equipment investment, or freight planning, that broader context is often far more valuable than the weekly numbers alone.
Listen to the full Rail Market Update podcast for additional insights, or learn more about FTR's Rail Update and Intermodal Monthly subscriptions to stay ahead of changing rail market conditions.
