Economic Trends

RAIL SHIPMENTS: ON TRACK AND PICKING UP STEAM

If the U.S. economy is indeed slowing significantly, that slowdown hasn't yet shown up in one sensitive economic indicator: shipments of goods by rail. Merrill Lynch & Co. transportation analyst Doug Rockel reports that railroad carloadings have accelerated sharply in recent months--running 11% over year-earlier levels in July and 14% in August. The strongest shipment category is metals and products, suggesting that America's capital-spending boom and export growth efforts remain in high gear.GENE KORETZ