Goldman reports US rail carload growth slowed in week 32

Investing.com -- Goldman Sachs reported US Class I rail traffic data for week 32 showed total carload growth of 2.4% year-over-year, down from 5.7% growth in week 31.

US intermodal volume increased 3.0% year-over-year in week 32, compared to 6.5% growth the previous week. Volumes excluding intermodal rose 1.7%, a decline from the prior week's 4.8% increase.

Among US carriers in week 32, Union Pacific recorded the highest intermodal carload growth at 8.0% year-over-year, while Norfolk Southern posted 0.5% growth and CSX remained flat at 0.0%. For non-intermodal carloads, CSX led with 4.4% year-over-year growth, followed by Union Pacific at 1.7% and Norfolk Southern at negative 1.1%.

Canadian total carload growth reached 7.3% year-over-year in week 32, up from 3.6% in week 31. Canadian National's carload growth of 4.8% year-over-year compared to 2.7% the previous week, with intermodal volumes rising 0.3% versus a decline of 7.7% in week 31. Non-intermodal volumes grew 8.3%, down from 10.8% the prior week.

CPKC reported total carload growth of 10% year-over-year in week 32, up from 4.7% in week 31. The company's intermodal volumes grew 17% compared to 9.1% the previous week, while non-intermodal volumes increased 5.7% versus 1.6% in week 31.

For third quarter 2026, Goldman's US Class I rail coverage is tracking total carload growth of 3.5% year-over-year, with intermodal carloads up 5.1% and non-intermodal carloads up 1.9%. Combined Canadian Pacific and Canadian National carloads are tracking at 1.6% year-over-year growth for the third quarter, with intermodal carloads down 1.0% and non-intermodal carloads up 3.4%.

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