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The Air Transport Association announced that passenger revenue plunged 21% in July relative to the same month last year. This was the ninth month in a row that the industry has had to contend with what has been a brutal market for a perpetually beleaguered business.
The number of passengers hopping on flights fell 4% from July 2008 to July 2009, and the revenue situation wasn't helped by a decline of 18% in the average price a passenger paid to fly one mile.
These conditions aren't just domestic: flights to foreign destinations are suffering as well.
Revenue from cargo, like people, is down as well. Cargo revenue ton miles dropped 15% from June last year to June this year – making it 11 in a row that this metric has fallen. Cargo data for July isn't available yet, the ATA says.
The results, of course, are pretty obvious. Airlines struggle in good years, and 2009 has been anything but favorable. A slow economic recovery is expected, so we'll probably be looking at nasty numbers for a while.
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