Amongst all the doom and gloom in the markets, here’s a bit of cheer: The Association of American Railroads says railroad shipments have inexplicably grown. According to analyst Art Hatfield at Morgan Keegan, this is at odds with what should normally be expected during a recession.
Total rail volumes excluding grain and coal averaged 381,831 carloads in August, the most since October 2008. “These shipments represent the bulk of materials for industrial production, so rising volumes show the economy is still growing,” according to Art Hatfield, who is a transportation analyst.
Rail stocks to add to your watchlist: Norfolk Southern Corporation (NYSE:NSC), CSX Corporation (NYSE:CSX), Kansas City Southern (NYSE:KSU), Union Pacific Corporation (NYSE:UNP), Providence & Worcester Railroad Co. (NASDAQ:PWX), Canadian National Railway (NYSE:CNI), and Canadian Pacific Railway Ltd. (NYSE:CP).
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