Total N. American rail traffic checked in at 657K cars last week vs 651K in 2010 and 564 in 2009. Traffic has dipped for two consecutive weeks. Time to worry? No, multi-week dips are common during the year and the calendar is also having an affect. Last Friday was Good Friday (was later in the calendar this year) and many people had time off and Holiday weeks always lead to a slower weeks. If we look at the 2009/10 data, it dipped then also to coincide with the Good Friday holiday (week 14/13 2009-10). The black circles weeks are Good Friday weeks for the three years
This could also be some of the Japan effect we speculated about in March. Either way, until the next three or four weeks unfold, we cannot jump to any conclusions.
Here is the chart:
