US railroads moved 537,397 carloads and intermodal units in the week ending September 26, a 4.85% increase over the same week last year, according to the Association of American Railroads.

Intermodal carried the week. Containers and trailers totaled 301,610 units, up 6.3% year over year, while carloads reached 235,787, up 3%.

Seven of the 10 commodity groups tracked by the AAR posted gains. Metallic ores and metals led, up 9.5%, followed by petroleum and petroleum products at 9.4% and chemicals at 7.2%. The industrial complex — steel-related cargoes, energy liquids and petrochemical feedstocks — continues to underpin carload growth on the US network.

Coal told a different story. Shipments fell 2.1% for the week, and the macro picture ahead of winter looks weaker still. US coal inventories have risen 1.4 million tons since the end of 2025 even as domestic consumption dropped 11.4% year over year. US coal production is down 2.4% through September 5, a slow runup to the heating season for carriers dependent on utility traffic.

Farm products excluding grain and food slipped 3.3%, and motor vehicles and parts declined 1.8%.

For shippers, the pattern matters. Intermodal's faster growth against carloads signals continued strength in consumer- and import-driven box traffic relative to bulk. For Class I carriers, that mix favors intermodal franchise lanes — particularly those tied to West and East Coast port gateways — while carload strength concentrated in metals, petroleum and chemicals supports industrial-focused networks. Forwarders moving industrial freight by rail should expect equipment and capacity competition on those lanes rather than in coal drags.

The cumulative numbers point the same direction. Through the first 38 weeks of 2026, US railroads reported 8,679,882 carloads, up 2.7% year over year, and 10,778,696 intermodal units, up 4.1%. Combined traffic of 19,458,578 carloads and intermodal units ran 3.5% ahead of the same period in 2025.

North America as a whole mirrored the trend. Nine reporting US, Canadian and Mexican railroads handled 344,004 carloads for the week, up 1.5%, and 389,606 intermodal units, up 5.3%. Combined weekly traffic of 733,610 carloads and intermodal units rose 3.5%. Cumulative North American volume of 26,678,211 carloads and intermodal units was 3.1% ahead of 2025.

With intermodal outpacing carload growth on both sides of the border and industrial commodity groups still climbing, the operating question for the fourth quarter is whether coal's slide deepens as stockpiles build — or whether winter demand finally tightens utility supply chains enough to put a floor under carload volumes.