Total N. American rail traffic slipped 9K cars last week to 659k.

While traffic slipped last week it remains solidly above 2011 levels and the usual week 5-6 volatility we have seen during the previous two years was essentially absent this year (see red circles in chart below).

Capture456 624x265 Rail Traffic Solid.

This means the 4-weeks moving averages for 2012 are even higher than the week to week comps would suggest. This is more continued good news for Q1 GDP and the continuing of the recovery.