US Economic Indicators: Railcar Loadings - Yardeni Research

1 US Economic Indicators: Railcar LoadingsYardeni Research , 16, 2020Dr. Edward visit our sites outside the boxTable Of ContentsTable Of ContentsTable Of ContentsDecember 16, 2020 / Railcar Loadings Research , Railcar Loadings1 Shares of Loadings2US Railcar Loadings3-5 Carloads6-7 Coal Loadings8 Transportation Indicators & Stocks9 Railcar Loadings & Business Inventories10 ATA Truck Index & Business Inventories11 Railcar Loadings & Crude Oil Production12 Railcar Loadings132000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022400450500550600400450500550600 Railcar Loadings *(thousand units, 26-wa)12/12 Latest (501)Source: Atlantic Systems.* Carloads plus 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022150200250300350400150200250300350400 12/12 Railcar Loadings (thousand units, 26-wa)CarloadsIntermodalSource: Atlantic Railcar LoadingsPage 1 / December 16, 2020 / Railcar Loadings Research , 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022303540455055606570753035404550556065 707512/12 Railcar Loadings (thousand units, 26-wa)Intermodal(as a percent of total)Carloads(as a percent of total)Source.

2 Atlantic 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220102030405060010203040506012/12 Railcar Loadings *Coal Carloads(as a percent of total car loads)Grain Carloads(as a percent of total car loads)* Based on 26-week moving : Atlantic of LoadingsPage 2 / December 16, 2020 / Railcar Loadings Research , 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2310020030040050060010020030040050060012 /12 Railcar Loadings (thousand units, 26-wa) Railcar LoadingsTotalExcluding CoalIntermodalSource: Atlantic 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2210121416182022242628303234361012141618 202224262830323436 COAL CARLOADINGS(as a percent of total Railcar Loadings , based on 26-wa)12/12 Source: Atlantic Railcar LoadingsPage 3 / December 16, 2020 / Railcar Loadings Research , 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022100125150175200225250275300100125150 17520022525027530012/12 Railcar Loadings .

3 INTERMODAL(thousand units, 26-wa)Intermodal: TotalIntermodal ex TrailersSource: Atlantic 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022152025303540455055606570152025303540 45505560657012/12 Railcar Loadings (thousand units, 26-wa)Intermodal: TrailersSource: Atlantic Railcar LoadingsPage 4 / December 16, 2020 / Railcar Loadings Research , 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22510152025305101520253012/12 NovRAILCAR Loadings : MOTOR VEHICLESM otor VehiclesLoadings(thousand units, 26-wa)Sales(million units, saar)Source: Atlantic Systems and Haver 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2220050080011001400170020002300260023456 712/12 Railcar Loadings : LUMBER & WOOD PRODUCTSL umber & Wood ProductsLoadings(thousand units, 26-wa, sa)Housing Starts(thousand units, saar) Source.

4 Atlantic Systems and US Department of Commerce, Bureau of the Railcar LoadingsPage 5 / December 16, 2020 / Railcar Loadings Research , 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24506070809010011012013014015016012/12 Railcar Loadings (thousand units, 26-wa)Coal90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24345678910111212/12 Nonmetallic Minerals90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 243032343638404244464812/12 Chemicals & PetroleumProducts90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 2445678910111212/12 Pulp & PaperProducts90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24468101214161812/12 Metals & ProductsSource: Atlantic Systems and American Trucking 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 246789101112/12 Waste & 6 / December 16, 2020 / Railcar Loadings Research , Loadings *(thousand units, 26-wa)12/12 Chemicals & Petroleum ProductsSource: Atlantic 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22468101214164681012141612/12 Railcar Loadings (thousand units, 26-wa)Metals & ProductsSource.

5 Atlantic 7 / December 16, 2020 / Railcar Loadings Research , 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022101316192225283134374043464952101316 19222528313437404346495212/1212/12 Railcar Loadings : COAL(percent based on 26-wa)Coal CarloadingsAs a Percent of Total Railcar LoadingsAs a Percent of CarloadsSource: Atlantic 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202210020030040050010020030040050012/121 2/12 Railcar Loadings EXCLUDING COAL(thousand units, 26-wa)Total Railcar Loadings Excluding CoalTotal Carloads Excluding CoalSource: Atlantic LoadingsPage 8 / December 16, 2020 / Railcar Loadings Research , 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 2438040042044046048050052054056058060062 00200400600800100012/912/12S&P 500 TRANSPORTATION INDEX & Railcar LOADINGSS&P 500 Transportation Index Total Railcar Loadings (thousand units, 26-wa) Source: Atlantic Systems and Standard & Poor 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22204060801001200200400600800100012/9S&P 500 TRANSPORTATION INDEX & ATA TRUCK TONNAGE INDEXS&P 500 Transportation Index ATA Truck Tonnage Index(2015=100, 3-ma, sa) Source.

6 American Trucking Association and Standard & Poor Indicators & StocksPage 9 / December 16, 2020 / Railcar Loadings Research , 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2210001200140016001800200022002400100125 15017520022525027530012/12 SepRAILCAR Loadings & REAL BUSINESS INVENTORIES Intermodal: Total(thousand units, 26-wa)Business Inventories(billions of 2012 dollars, sa)Source: Atlantic Systems and Census 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2250010001500200025002550751001251501752 0022525027512/12 Railcar Loadings & REAL BUSINESS INVENTORIES Intermodal ex Trailers(thousand units, 26-wa)Business Inventories(billions of 2012 dollars, sa)Source.

7 Atlantic Systems and Census Loadings & Business InventoriesPage 10 / December 16, 2020 / Railcar Loadings Research , 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2250010001500200025004050607080901001101 20 OctSepATA TRUCK TONNAGE INDEX & REAL BUSINESS INVENTORIES ATA Truck Tonnage Index(2015=100, 3-ma, sa)Business Inventories(billions of 2012 dollars, sa) : American Trucking Association and Census 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 2410001100120013001400150016001700180019 0020002100220023002400250001002003004005 00600700800900100012/15 SepS&P 500 TRANSPORATION INDEX & REAL BUSINESS INVENTORIES S&P 500 Transportation IndexBusiness Inventories(billions of 2012 dollars, sa)Source: Standard & Poor s Corporation and Board of Governors of the Federal Reserve Truck Index & Business InventoriesPage 11 / December 16, 2020 / Railcar Loadings Research , Loadings & US CRUDE OIL FIELD PRODUCTIONR ailcar Loadings :Chemicals & Petroleum Products(thousand units, 26-wa)US Crude Oil Field Production(million barrels per day, nsa) Source.

8 Atlantic Systems and US Department of Loadings : CHEMICALS & PETROLEUM, MOTOR VEHICLES,LUMBER & WOOD PRODUCTS(thousand units, 26-wa)Chemicals & PetroleumProducts ( )Motor Vehicles ( )Lumber & Wood Products ( )Source: Atlantic Loadings & Crude Oil ProductionPage 12 / December 16, 2020 / Railcar Loadings Research , 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022100150200250300350400100150200250300 35040012/1212/12 Railcar Loadings (thousand units, 26-wa)CarloadsCarloads Minus CoalSource: Atlantic 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2225030035040045050055060025030035040045 050055060012/1212/12 Railcar Loadings : TOTAL & EX COAL(thousand units, 26-wa) Railcar Loadings : Total excluding coalRailcar Loadings : TotalSource: Atlantic LoadingsPage 13 / December 16, 2020 / Railcar Loadings Research , (c) Yardeni Research , Inc.

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