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Total carloads and intermodal rail freight data are plotted in the two charts below as 4 week moving averages. The improvement we're seeing needs to be viewed in the context of a trending increases in freight that occurs throughout the year through to October. The data certainly lacks the characteristics of a V shaped rebound. At this stage L shaped looks like a better letter to describe the economic path.

carloads

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Source: Proof of an Economic Train Wreck?