Forget planes parked in the desert. The thousands of empty railroad freight cars parked on out-of-the-way tracks across the U.S. provide a potent symbol of the evolving global economic slowdown.
The three largest U.S. railroads said this week that they have put 107,000 rail cars into storage among them — 17 percent of their combined fleets — amid a deepening slump in freight. Union Pacific, Burlington Northern Santa Fe and CSX, as well as smaller peers and leasing companies, also have sidelined hundreds of locomotives.
“They’re parked in every spare track I could find,” Union Pacific chief executive Jim Young said.
While U.S rail freight volume has been falling since late 2006, the drop became more pronounced in the final quarter of last year. Operators remain profitable, helped by continued pricing power, employee furloughs and other efficiency measures.
1,368
Approximate length, in miles, if 107,000 60-foot boxcars (actual length 67 feet, 7 inches, according to CSX) — were hooked end to end
