(Bloomberg News circulated the following article by Rip Watson on September 9.)
WASHINGTON — North American railroad shipments rose last week, a sign that Hurricane Katrina may hurt U.S. commerce less than expected, analysts said.
The increase was 2.4 percent from a year earlier, more than the 2.2 percent rise for the week that ended Aug. 27, JPMorgan Chase analyst Thomas Wadewitz said in a note to investors Thursday that cites figures from the Association of American Railroads trade group. The storm struck the Gulf Coast on Aug. 29.
CSX Corp. and Norfolk Southern Corp., the two biggest railroads in the eastern United States, each increased shipments 0.2 percent last week as coal traffic rose, Wadewitz said. He had expected declines for both lines, which have been unable to reach New Orleans since the hurricane.
Norfolk Southern said Thursday that it hopes to resume exchange of shipments with Western railroads such as Union Pacific Corp. at New Orleans in a “few days.” CSX is unable to use a 100 miles of track east of New Orleans.