North American Railroads: June Labor Productivity Update: Norfolk and CSX Productivity Fell MoM, Still Improved QoQ

研报英文原文证据摘录

North American Railroads: June Labor Productivity Update: Norfolk and CSX Productivity Fell MoM, Still Improved QoQ

J P M O R G A N North America Equity Research

20 July 2026

North American Railroads

June Labor Productivity Update: Norfolk and CSX

Productivity Fell MoM, Still Improved QoQ

The Surface Transportation Board (STB) recently released U.S. railroad head count Airfreight & Surface Transportation /

data for June that showed carloads were down -7.1% MoM per workday while Shipping

industry-wide T&E head count was up +0.1% MoM, and on a 3M MA volume basis Brian P. Ossenbeck, CFA AC

productivity was down -0.7% MoM (see Figure 1). On a carload per employee basis, (1-212) 622-1023

UP is still running at or near record productivity levels as it did for most of 2025 brian.p.ossenbeck@jpmorgan.com

(Figures 9-14) as is BNSF (Figures 15-20). CSX and Norfolk are both running solidly Grady Carr

above 2024/2025 productivity levels (Figures 21-26 and Figures 27-32) and (1-212) 622-1251

improved QoQ on a carload per employee basis by +9% at CSX and +10% for NS. grady.carr@jpmchase.com

The MoM trends softened in June and we remain cautious (recap here) and will look Brandon Wexler

(1-212) 622-1956

for further commentary on the trend into 3Q26 during the upcoming earnings calls. brandon.wexler@jpmchase.com

We also note the Canadian rails continue to show deterioration in productivity levels J.P. Morgan Securities LLC

on a carload per employee basis (U.S. only) vs. the past few years.

• Rail unions still pushing for a thorough STB review. Mike Efaw, National

Legislative Director of the Brotherhood of Railroad Signalmen argued in a

recent piece that a proposed Union Pacific–Norfolk Southern merger would

endanger rail safety and harm workers and the public, and that the STB should