Total U.S. weekly rail traffic down 17.3% for week ending June 4

Railway Age reports:

For the week ending June 4, 2016, AAR reports total U.S. weekly rail traffic was 455,346 carloads and intermodal units, down 17.3% compared with the same week last year.

The Association of American Railroads (AAR) further reports total carloads for the week ending Jun. 4 were 224,258 carloads, down 16.6% compared with the same week in 2015, while U.S. weekly intermodal volume was 231,088 containers and trailers, down 17.9% compared to 2015.

Two of the 10 carload commodity groups posted an increase compared with the same week in 2015. They were grain, up 2.3% to 18,628 carloads; and miscellaneous carloads, up 0.5% to 9,008 carloads. Commodity groups that posted decreases compared with the same week in 2015 included petroleum and petroleum products, down 29.1% to 9,706 carloads; coal, down 23.0% to 68,008 carloads; and motor vehicles and parts, down 20.9% to 15,411 carloads.

For the first 22 weeks of 2016, U.S. railroads reported cumulative volume of 5,274,449 carloads, down 13.7% from the same point last year; and 5,648,851 intermodal units, down 2.1% from last year. Total combined U.S. traffic for the first 22 weeks of 2016 was 10,923,300 carloads and intermodal units, a decrease of 8.1% compared to last year.

Is the recession here?