The AAR Freight Rail Index (FRI), a gauge of seasonally adjusted rail volumes excluding coal and grain, fell -0.5% MoM from May 2025 to June 2025, bringing the index to its lowest point since May 2024. June’s decline mainly reflects intermodal softness. Seasonally adjusted carloads excluding coal and grain and excluding intermodal rose 0.7% in June from May, reflecting pockets of strength for certain key rail sectors amid current economic uncertainties.