Railroad shipments are at their highest levels in almost three years, Bloomberg reported, helping to defy concerns about a double-dip recession.

Total rail volumes excluding grain and coal averaged 381,831 carloads in August, the most since October 2008, according to data from the Association of American Railroads in Washington, D.C. These shipments represent the bulk of materials for industrial production, so rising volumes show the economy is still growing, according to Art Hatfield, a transportation analyst at Morgan Keegan & Co. in Memphis.
 
“We’re not seeing declines in rail volumes that are synonymous with a recession,” Hatfield said. “We remain in a slow growth environment.”

Omaha-based Union Pacific Railroad had its strongest weekly volume so far this year — almost 187,000 carloads — prior to Labor Day, Chief Financial Officer Robert Knight said at a conference hosted by Citigroup Inc. The company continues to see “solid demand” across most business segments, he said.