by Calculated Risk on 10/05/2025 08:21:00 AM
From the Association of American Railroads (AAR) Year Data Center. Graph and excerpts reprinted with permission.
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-yearwith 12 of the 20
major carload categories tracked by the AAR posting
declines.
…
U.S. intermodal rail shipmentswhich are closely tied to consumer demand and international trade, fell 1.3% in
September 2025 from September 2024.
